BofA-Merrill deal needs host of regulators' OKs
Bank of America Corp.'s acquisition of Merrill Lynch & Co. will require approvals from at least 10 major U.S. and foreign regulators, according to an application the Charlotte bank filed last week with the Federal Reserve Bank of Richmond.
In addition to Federal Reserve and Merrill Lynch shareholder permission, the $50 billion deal announced last month needs the nod from regulators in the United Kingdom, Hong Kong, Japan and Canada, the application said. The takeover, which would give Bank of America the biggest force of stock brokers, could be completed by year-end, the bank said earlier this week.
The application notes that a law that prevents a bank from obtaining more than 10 percent of U.S. deposits through a merger does not apply to this purchase. That's because Merrill Lynch's deposits are housed in a savings and loan and in an industrial bank, which aren't covered by the law.