Bank of America Europe DAC
Overview and Structure
Overview
- Bank of America Europe DAC ("BofA Europe" or the "Company") is a licenced credit institution and Bank of America Corporation's primary European banking entity. BofA Europe is a wholly owned subsidiary of Bank of America, N.A. ("BANA") and the ultimate parent of the Company is Bank of America Corporation (NYSE:BAC) ("BAC").
- The Company provides a range of financial services and forms part of BAC's Global Banking and Global Markets operations in the EMEA region. The Company services corporate clients currently domiciled in the European Economic Area ("EEA"), UK and Central and Eastern Europe, Middle East and Africa region and institutional clients predominately domiciled in Europe.
- BofA Europe's client portfolio comprises large global Corporates and large regional Corporates as well as Financial Institutions, governments and government entities.
- As well as providing financial services to clients, the Company also provides support services (employees and infrastructure) to other companies in the BAC group.
Credit Ratings (long term / short-term)
- S&P: A+ (positive outlook) / A-1; Fitch: AA (stable outlook) / F1+
Regulator
- Authorised by the Central Bank of Ireland and is also supervised as a significant institution under the European Central Bank's ("ECB") Single Supervisory Mechanism.
- BofA Europe's parent, BANA, is a United States national banking association authorised and regulated by the Office of the Comptroller of the Currency ("OCC") while the Federal Reserve Bank ("FRB") supervises the ultimate parent company (BAC), with the head office for BANA and BAC in Charlotte, North Carolina.
Legal Structure
- Designated Activity Company ("DAC") incorporated in Ireland (Registered Number: 229165)
- Wholly-ownedindirect subsidiary of BAC, a regulated United States entity; and direct subsidiary of BANA. An organisational chart showing select major operating subsidiaries of BAC is available at http://investor.bankofamerica.com
Registered Address
- Two Park Place, Hatch Street, Dublin 2, Ireland
Financial Performance - for the year ended 31 December 2021
Total Revenue, Expenses and Profit
(IFRS in $ millions)1
Profit | ||||
$611 | after tax | |||
Revenue | ||||
$1,992
Expenses
$1,243
- BofA Europe financial statements for 2021 show $1,992m of revenue and $611m profit after tax.
- Results are derived from the Company's core Global Banking and Global Markets activities and its Support Services activities. The primary driver for the increase in profit is the reduction in impairments associated with lending activities.
- Global Banking and Global Markets contributed $1,772m (2020: $1,413m) in revenue, with the increase driven by net trading income resulting from growth in global economic activity.
- The Support Services segment contributed $220m (2020: $348m) to total revenue. This has decreased from the prior year following the completion of the transfer of the Company's Preferred Service Provider responsibilities and its related Support Services activities to the London branch of BANA in April 2021.
(1) Source: 2021 Financial Statements | Page 1 of 2 |
Bank of America Europe DAC
Financial Position - as of 31 December 2021
Balance Sheet
Total Assets and Liabilities
($ billions)1
Capital Adequacy and Leverage metrics
Key Metrics
($ billions)2
$67.4
Total
Capital
Resources
Total | Excess | CET 1 | Risk | CET 1 |
Minimum | Capital | Weighted | Capital | |
Capital | Capital | |||
Resources | Assets | Ratio | ||
Required | ||||
Leverage
Ratio
$54.7
$14.4
$4.2 | $10.2 | $12.5 | $52.9 | 23.51% |
13.96%
Total | Total | |
Assets | Liabilities | |
(1) Source: 2021 Financial Statements | (2) Source: 2021 Pillar 3 Disclosure - converted from EUR to USD at FX Rate of 1.1326 |
Market Coverage and Primary Business Activity
- BofA Europe has the ability to conduct business with international clients and trade throughout Europe
- BofA Europe has established branch operations in Amsterdam, Athens, Brussels, London, Frankfurt, Madrid, Milan, Paris, Zurich and Stockholm
Primary Business Activity - Global Banking and Global Markets
- Global Banking: Global Loan Products, Investment Banking, Global Transaction Services, Global Leasing
- Global Markets: Global Credit, Mortgages (Asset-Baked Structure Finance, Commercial Real Estate, Subscription Finance), Rates & Currencies, Commercial Paper
Board Structure
Executive Directors
- Fernando Vicario (Chief Executive Officer)
- Jonathan Lee (Chief Financial Officer)
Group Non-Executive Directors - Paul Donofrio (Chair)
- Cathy Bessant
- Bernard Mensah
Non-Executive Directors
- Gerry Murphy
Independent Non-Executive Directors
- Oliver Bussmann
- Sally James
- Nick Jordan
- Rose McHugh
Additional Information
For further information please contact Investor Relations
Equity Investor Relations: Tel +1 704 386 5681 Email i_r@bofa.com
Fixed Income Investor Relations: Tel +1 212 449 6795 Email fixedincomeir@bofa.com
The information contained in this Factsheet is provided for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any securities. The financial and other information contained in this Factsheet speaks only as of the particular dates referenced in the information or the dates the information was originally issued. This information may have become out of date as a result of later circumstances or events. None of BofA Europe, or its affiliates undertakes any obligation to, and each disclaims any duty to, update this information. The information in the factsheet reflects the entity as at 1 January 2023.
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Disclaimer
Bank of America Corporation published this content on 04 January 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 January 2023 15:17:05 UTC.