New Escrow Product Adds to Company’s Local Transaction Services
Company Website:
http://www.bankofamerica.com
NEW YORK -- (Business Wire)
Bank of America Merrill Lynch, a global provider of custody and agency
services, today announced that it has launched Cuenta Controlada
(Controlled Account) services in Mexico for Mexican pesos and U.S.
dollar transactions. The new offering is an important addition to the
suite of transaction services available to clients operating in Mexico.
Cuenta Controlada regulates the exchange of cash among multiple parties
based on agreed upon contractual provisions as specified by a client,
explained Juan Pablo Cuevas, head of Global Transaction Services (GTS)
for Latin America and the Caribbean. Bank of America Merrill Lynch acts
as an independent third party to receive, hold and subsequently disburse
the funds.
“This is an exciting development for our clients needing controlled
account services in Mexico,” said Cuevas. “Cuenta Controlada can
significantly help companies manage their risk exposure and improve
efficiencies. Importantly, the product is supported by our integrated
suite of services including our online banking portal, CashPro
Online, and its numerous modules such as information reporting.”
Cuenta Controlada can be used to support a variety of corporate
situations that involve cash only deposits. Examples include:
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Settlement of large mergers and acquisitions.
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Good faith deposits or break fees.
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Disbursement of milestone payments relating to a project.
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Deposits to secure performance guarantees.
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Holdbacks or earnings premiums in a business purchase.
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Subscriptions relating to a capital strategy.
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Legal or banking fees in a workout.
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Safekeeping and disbursement of funds relating to bankruptcy and
administration.
Bank of America Merrill Lynch’sglobal escrow services
group now covers 15 jurisdictions across Europe, Asia, North and South
America. “The introduction of Cuenta Controlada in Mexico represents
another important development in Bank of America Merrill Lynch’s global
suite of services,” said Morgan Downey, head of Global Custody and
Agency Services (GCAS). “We are committed to serving our clients
wherever in the world they do business.”
Bank of America
Bank of America is one of the world's largest
financial institutions, serving individual consumers, small- and
middle-market businesses and large corporations with a full range of
banking, investing, asset management and other financial and risk
management products and services. We serve approximately 52 million
consumer and small business relationships with approximately 5,400
retail banking offices and approximately 16,300 ATMs and award-winning
online banking with 30 million active users. Bank of America is among
the world's leading wealth management companies and is a global leader
in corporate and investment banking and trading across a broad range of
asset classes, serving corporations, governments, institutions and
individuals around the world. Bank of America offers industry-leading
support to approximately 3 million small business owners through a suite
of innovative, easy-to-use online products and services. The company
serves clients through operations in more than 40 countries. Bank of
America Corporation stock (NYSE: BAC) is a component of the Dow Jones
Industrial Average and is listed on the New York Stock Exchange.
Bank of America Merrill Lynch is the marketing name for the global
banking and global markets businesses of Bank of America
Corporation. Lending, derivatives, and other commercial banking
activities are performed globally by banking affiliates of Bank of
America Corporation, including Bank of America, N.A., member
FDIC. Securities, strategic advisory, and other investment banking
activities are performed globally by investment banking affiliates of
Bank of America Corporation (“Investment Banking Affiliates”),
including, in the United States, Merrill Lynch, Pierce, Fenner & Smith
Incorporated, which is a registered broker-dealer and member of FINRA
and SIPC, and, in other jurisdictions, a locally registered
entity. Investment products offered by Investment Banking Affiliates:
Are Not FDIC Insured * May Lose Value * Are Not Bank Guaranteed.
Copyright 2013 Bank of America Corporation. All rights reserved. Bank of
America, Merrill Lynch, Broadcort and their logos are trademarks of
Bank of America Corporation and/or its affiliates.
Visit the Bank of America newsroom for more Bank
of America news.
www.bankofamerica.com
Contacts:
Reporters May Contact:
Louise Hennessy, Bank of America Merrill
Lynch, 1.646.858.1403
louise.hennessy@bankofamerica.com
Source: Bank of America
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