Bank of America's Global Wealth & Investment Management Names Stephen Pollack to Head Credit & Banking

BOSTON, Feb. 15 /PRNewswire/ -- Bank of America's Global Wealth & Investment Management division announced that Stephen Pollack will serve as Credit & Banking executive, responsible for developing and managing the comprehensive advice and customized solutions the company offers to wealth management clients in the areas of banking, liquidity management and credit.

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Specifically, Pollack will be working closely with Bank of America Premier Banking & Investments, The Private Bank of Bank of America, and its extension, Family Wealth Advisors, in delivering credit and banking products and services to affluent, wealthy and ultra-wealthy clients, respectively. Based in Boston and reporting to John Bahnken, president, Global Wealth & Investment Management Products Group, Pollack most recently served as head of Liquidity Products within the company's Global Treasury Services' Product Management area.

"Credit and banking remain core elements of our larger wealth management offering to clients," said Bahnken in making the announcement. "With his broad product knowledge, vast client expertise and strong familiarity with the full resources of the Bank of America franchise, Steve Pollack and his talented team will continue to build momentum in this important product area," he added.

Credit & Banking provides Bank of America's Global Wealth & Investment Management clients with leading capabilities, including custom credit solutions, aircraft and yacht finance, and a wide range of deposit and liquidity solutions, tailored to the unique needs of wealthy clients. The group oversees a credit portfolio of approximately $54 billion, which includes commercial, mortgage and secured loans to Global Wealth & Investment Management clients. On the banking side, the team is responsible for $115 billion in consumer and business deposits. (All figures are as of December 31, 2005.)

Prior to his most recent role as head of Liquidity Products within Bank of America's Global Treasury Product Management, Pollack held leadership roles within various businesses at FleetBoston Financial, including Small Business Services, Corporate Strategy & Development and Consumer Marketing & Product Management. He joined the bank in 1992 from Citigroup and began his career at General Foods in 1979. Pollack has a Bachelor of Arts degree from Harvard College and an MBA from Harvard Business School.

As of December 31, Global Wealth & Investment Management, one of the three primary divisions of Bank of America, has over $738 billion in client assets under administration, including more than $482 billion in assets under management. The organization has total deposits of over $115 billion, loans of $54 billion, and generates more than $7.4 billion in annual revenue. Global Wealth & Investment Management includes nearly 12,500 associates who serve more than two million individual and institutional clients located across the United States and throughout the world.

Bank of America is one of the world's largest financial institutions, serving individual consumers, small and middle market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk-management products and services. The company provides unmatched convenience in the United States, serving more than 38 million consumer and small business relationships with more than 5,800 retail banking offices, more than 16,700 ATMs and award-winning online banking with more than 14 million active users. Bank of America is the No. 1 overall Small Business Administration (SBA) lender in the United States and the No. 1 SBA lender to minority-owned small businesses. The company serves clients in 150 countries and has relationships with 97 percent of the U.S. Fortune 500 companies and 79 percent of the Global Fortune 500. Bank of America Corporation stock is listed on the New York Stock Exchange. http://www.bankofamerica.com/

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