Bank of America has announced a $47 billion dollar deal to buy FleetBoston Financial, extending its retail network across the US.
Under the deal, Bank of America will pay the entire price in stock, creating the second largest US financial and banking group after Citigroup.
The agreement, expected to close in the first half of 2004, was approved by both boards but is still subject to approval by regulators and shareholders.
The expanded Bank of America will have 33 million retail customers, and leading banking shares in the US northeast, southeast, midwest, southwest and west.
