Bank Of America Moves To Absorb Continental Bank Forex Operations

BANKS

Bank of America's (BoA) assimilation of recent acquisition Continental Bank's foreign exchange operation into its own is underway and is expected to be completed by December 31, officials say.

The transition plan calls for Continental's Chicago office to serve as a foreign exchange sales satellite of BoA's New York and Los Angeles dealing centres. Three of Continental's spot and forward currency dealers have transferred to Los Angeles, while its existing foreign exchange sales staff remains i