Press release from Business Wire
Bank of America Merrill Lynch Launches Controlled Account in Mexico
<p class='bwalignc'> <i>New Escrow Product Adds to Company's Local Transaction Services</i> </p>
Thursday, May 23, 2013
Bank of America Merrill Lynch Launches Controlled Account in Mexico11:00 EDT Thursday, May 23, 2013
NEW YORK (Business Wire) -- Bank of America Merrill Lynch, a global provider of custody and agency services, today announced that it has launched Cuenta Controlada (Controlled Account) services in Mexico for Mexican pesos and U.S. dollar transactions. The new offering is an important addition to the suite of transaction services available to clients operating in Mexico.
Cuenta Controlada regulates the exchange of cash among multiple parties based on agreed upon contractual provisions as specified by a client, explained Juan Pablo Cuevas, head of Global Transaction Services (GTS) for Latin America and the Caribbean. Bank of America Merrill Lynch acts as an independent third party to receive, hold and subsequently disburse the funds.
“This is an exciting development for our clients needing controlled account services in Mexico,” said Cuevas. “Cuenta Controlada can significantly help companies manage their risk exposure and improve efficiencies. Importantly, the product is supported by our integrated suite of services including our online banking portal, CashPro Online, and its numerous modules such as information reporting.”
Cuenta Controlada can be used to support a variety of corporate situations that involve cash only deposits. Examples include:
- Settlement of large mergers and acquisitions.
- Good faith deposits or break fees.
- Disbursement of milestone payments relating to a project.
- Deposits to secure performance guarantees.
- Holdbacks or earnings premiums in a business purchase.
- Subscriptions relating to a capital strategy.
- Legal or banking fees in a workout.
- Safekeeping and disbursement of funds relating to bankruptcy and administration.
Bank of America Merrill Lynch's global escrow services group now covers 15 jurisdictions across Europe, Asia, North and South America. “The introduction of Cuenta Controlada in Mexico represents another important development in Bank of America Merrill Lynch's global suite of services,” said Morgan Downey, head of Global Custody and Agency Services (GCAS). “We are committed to serving our clients wherever in the world they do business.”
Bank of America
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. We serve approximately 52 million consumer and small business relationships with approximately 5,400 retail banking offices and approximately 16,300 ATMs and award-winning online banking with 30 million active users. Bank of America is among the world's leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in more than 40 countries. Bank of America Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.
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Reporters May Contact:
Louise Hennessy, Bank of America Merrill Lynch, 1.646.858.1403