WASHINGTON, United States – (UPDATE) Bank of America has agreed to buy investment bank Merrill Lynch for $50 billion in a transaction that creates the world's largest financial services company, the bank announced early Monday.
"Acquiring one of the premier wealth management, capital markets and advisory companies is a great opportunity for our shareholders," Bank of America chairman and chief executive officer Ken Lewis said in a statement of the 35-million-euro deal.
"Together, our companies are more valuable because of the synergies in our businesses."
John Thain, chairman and CEO of Merrill Lynch, said he looked forward to working with Bank of America to create "what will be the leading financial institution in the world."
