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103-408: The arena was completely re-done in 2005, and changed its name following corporate sponsorship from Diners Club International . Its name was changed again in 2016 after a new sponsorship deal with naming rights was agreed with St. Galler Kantonalbank. 47°13′23″N 8°49′34″E  /  47.223°N 8.826°E  / 47.223; 8.826 This article about a European ice hockey arena

206-661: A 50% shareholding in the Australian franchise. In January 1999, Ansett sold its shareholding to Citigroup . On June 1, 2022, National Australia Bank bought Citigroup's Consumer Banking business in Australia, including the Australian branch of Diners Club. The Diners Club Corporate Card, Citi Mastercard Corporate Executive Companion Card, Diners Club Business Card and the Citi Mastercard Business Companion Card previously marketed under

309-631: A deal with Allinpay, a Chinese payment provider, to be the exclusive carrier of all the cards that are part of the Discover Global Network. Apart from that, Allinpay intended to increase the card acceptance in Hong Kong, especially by "travel oriented merchants". In Chile, the Diners Club franchise was long held by Citibank Chile until it was acquired by Banco de Chile in 2008, who then took over said franchise. In Colombia,

412-422: A financial beachhead in the region. These mergers helped BankAmerica Corporation to once again become the largest U.S. bank holding company in terms of deposits, but the company fell to second place in 1997 behind North Carolina's fast-growing NationsBank Corporation , and to third in 1998 behind First Union Corp. On the capital markets side, the acquisition of Continental Illinois helped BankAmerica to build

515-675: A financial reform program started the previous year to address government spending by public servants, the Australian government appointed Diners Club as the sole provider of credit cards for government travel services. Under the arrangement, Diners Club provided charge cards as travel cards to public servants (e.g. Defence Travel Card). Diners Club was also to supply an updated Expense Management System (EMS), to government agencies without one, or who wanted to upgrade their existing system. The new EMS would provide "timely, accurate and reliable” transactional data feeds for all card expenditure to agency finance or expense systems, allowing them to understand

618-428: A leveraged finance origination- and distribution business, which allowed the firm's existing broker-dealer, BancAmerica Securities (originally named BA Securities), to become a full-service franchise. In addition, in 1997, BankAmerica acquired Robertson Stephens , a San Francisco–based investment bank specializing in high technology for $ 540 million. Robertson Stephens was integrated into BancAmerica Securities, and

721-648: A majority of the franchises abroad remain independently owned. In April 2008, Discover Financial and Citigroup announced that Discover was purchasing the Diners Club International network from Citigroup for $ 165 million. In May 2008, the Federal Trade Commission approved the transaction and it was finalized on July 1, 2008. In a transaction completed on July 1, 2008, Discover Financial Services purchased Diners Club International from Citibank for $ 165 million. The deal

824-560: A number of industry groups in Europe, as well as cutting numerous banking and sales and trading positions in North America and Asia prior to its merger with Merrill Lynch. On October 3, 2008, Bank of America announced that John Thain would lead the combined Bank of America/ Merrill Lynch Global Corporate and Investment Banking enterprise. Thain was forced out by Bank of America Chairman Kenneth D. Lewis on January 22, 2009, because of

927-405: A separate company that eventually became First Interstate Bancorp , later acquired by Wells Fargo and Company in 1996. Only in the 1980s, with a change in federal banking legislation and regulation, could Bank of America again expand its domestic consumer banking activity outside California. New technologies also allowed the direct linking of credit cards with individual bank accounts. In 1958,

1030-612: A series of acquisitions in the late 1980s. This represented, at the time, the largest bank acquisition in history. Federal regulators, however, forced the sale of roughly half of Security Pacific's Washington subsidiary, the former Rainier Bank , as the combination of Seafirst and Security Pacific Washington would have given BankAmerica too large a share of the market in that state. The Washington branches were divided and sold to West One Bancorp (now U.S. Bancorp ) and KeyBank . Later that year, BankAmerica expanded into Nevada by acquiring Valley Bank of Nevada. In 1994, BankAmerica acquired

1133-630: A significant amount of work for Financial Sponsors, or private equity firms, often financing leveraged transactions. On the product side, the firm employed M&A senior bankers throughout the industry coverage groups. BAS also had a stand-alone Mergers & Acquisitions Group, consisting of bankers that transact M&A deals across all industries, as well as a Transaction Development Group, which aimed to identify and market transaction opportunities. The unit also had sizeable fixed income, currency and commodities divisions. During 2007–2008, BAS significantly downsized its international operations, eliminating

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1236-427: A statement, managing director of Kazkommertsbank, Nurlan Zhagiparov said, "Our collaboration with Diners Club is another step toward the integration of Kazakhstan into the global economy, which increases the tourism potential in our country." In Korea, Diners Club started its business around the 1980s. However, in 1993, Citibank Korea sold Diners Club Korea to Daewoo Group, and after the acquisition by Daewoo Group,

1339-417: A workout. Later, Diners Club Korea's name was changed to Hyundai Card , and Hyundai Motor Company began issuing Visa and MasterCard credit cards other than Diners Club to start a credit card business in earnest. Hyundai Card continued to maintain the exclusive license of Diners Club, but stopped issuing the card and discontinued the license contract with Diners Club because there was no benefit compared to

1442-436: Is a stub . You can help Misplaced Pages by expanding it . This article about a Swiss sports venue is a stub . You can help Misplaced Pages by expanding it . Diners Club International Diners Club International ( DCI ), founded as Diners Club , is a charge card company owned by Discover Financial Services . Formed in 1950 by Frank X. McNamara, Ralph Schneider (1909–1964), Matty Simmons , and Alfred S. Bloomingdale , it

1545-636: Is a credit card company established by various Korean banks such as Citibank Korea and Woori Bank . Because it has contracts with almost all stores in Korea, Diners Club cards can be used at almost all stores and restaurants in Korea. In the Nordic countries , the long-time franchisee was SEB Kort AB, a subsidiary of the Swedish bank Skandinaviska Enskilda Banken . SEB Kort closed the service on May 31, 2019, citing increased competition and regulatory pressure in

1648-579: Is a replica of the 1909 Bank of Italy branch bank in History Park in San Jose, and the 1925 Bank of Italy Building is an important downtown landmark. Giannini sought to build a national bank, expanding into most of the western states as well as into the insurance industry , under the aegis of his holding company, Transamerica Corporation . In 1953 regulators succeeded in forcing the separation of Transamerica Corporation and Bank of America under

1751-882: Is considered within the " Bulge Bracket " as the third largest investment bank in the world , as of 2018 . Its wealth management side manages US$ 1.081 trillion in assets under management (AUM) as the second largest wealth manager in the world , after UBS . In commercial banking, Bank of America operates, but does not necessarily maintain, retail branches in all 50 states of the United States, Washington, D.C. , and over 40 other countries. Its commercial banking footprint encapsulates 46 million consumer and small business relationships at 4,600 banking centers and 16,000 automated teller machines (ATMs). The bank's large market share, business activities, and economic impact has led to numerous lawsuits and investigations regarding both mortgages and financial disclosures dating back to

1854-453: The 2008 financial crisis . Its corporate practices of servicing the middle class and wider banking community have yielded a substantial market share since the early 20th century. As of August 2018 , Bank of America has a $ 313.5 billion market capitalization , making it the 13th largest company in the world . As the sixth largest American public company, it garnered $ 102.98 billion in sales as of June 2018 . Bank of America

1957-595: The American Express and Diners Club cards, though its small cardmember base hindered its success. In 1981, Citicorp acquired the Diners Club card, and by the mid-1990s the Carte Blanche card was being phased out in favor of Diners Club. Parent company Citigroup was formed in 1998 with the merger of Citicorp and the Travelers Group. Citigroup issued a premium Diners Club card in 2000, naming it

2060-866: The Bank of America Tower , a $ 1 billion, 58-story skyscraper, at Bryant Park in New York City that was completed in 2009. Prior to that, BAS in New York had offices in various locations due to the numerous mergers that had taken place over the previous decade, including space at 9 West 57th Street, 1 World Trade Center , 1633 Broadway, 40 East 52nd Street, 335 Madison Avenue, and 100 West 33rd Street. In 2001, McColl stepped down as CEO and named Ken Lewis as his successor. In 2004, Bank of America announced it would purchase Boston-based bank FleetBoston Financial for $ 47 billion in cash and stock. By merging with Bank of America, all of its banks and branches were given

2163-463: The Bank of Italy , in San Francisco. In 1922, Bank of America, Los Angeles was established with Giannini as a minority investor. The two banks merged in 1928 and consolidated with other bank holdings to create what would become the largest banking institution in the country. In 1918, another corporation, Bancitaly Corporation, was organized by A. P. Giannini, the largest stockholder of which

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2266-705: The Central Bank of Slovenia revoked Diners Club Slovenia's license for payment services, which meant 80,000 local members could not use their card. Diners Club International transferred the franchise to a subsidiary of Austria's Erste Bank group, Erste Card Club, and agreed to repay the franchise's debt to merchants. An Erste press release in August 2013 stated that Diners Club services were once again available in Slovenia. Diners Club launched its Malaysian and Singaporean franchises in 1960. Its Malaysian franchise

2369-592: The Clayton Antitrust Act . The passage of the Bank Holding Company Act of 1956 prohibited banks from owning non-banking subsidiaries such as insurance companies. Bank of America and Transamerica were separated, with the latter company continuing in the insurance sector. However, federal banking regulators prohibited Bank of America's interstate banking activity, and Bank of America's domestic banks outside California were forced into

2472-514: The Continental Illinois National Bank and Trust Co. of Chicago. At the time, no bank possessed the resources to bail out Continental, so the federal government operated the bank for nearly a decade. Illinois then regulated branch banking extremely heavily, so Bank of America Illinois was a single-unit bank until the 21st century. BankAmerica moved its national lending department to Chicago in an effort to establish

2575-675: The Justice Department announced a $ 335 million settlement with Bank of America over discriminatory lending practice at Countrywide Financial. Attorney General Eric Holder said a federal probe found discrimination against qualified African-American and Latino borrowers from 2004 to 2008. He said that minority borrowers who qualified for prime loans were steered into higher-interest-rate subprime loans . On September 14, 2008, Bank of America announced its intention to purchase Merrill Lynch & Co., Inc. in an all-stock deal worth approximately $ 50 billion. Merrill Lynch

2678-942: The National Association of Securities Dealers . The use of " Banc " in the BAS's name was indicative of the fact that the company was not a bank , and its deposits and other holdings were not insured by the Federal Deposit Insurance Corporation . The subsidiary was founded in 1998 following a strategy pioneered by Citigroup that combines corporate lending with investment banking advice and services. During its years of operation its strongest investment banking groups included high-yield debt underwriting and Leveraged Finance, in addition to industry coverage groups such as Healthcare, Consumer & Retail, Global Industries, Media & Telecom, Financial Institutions, Real Estate and Gaming. BAS also did

2781-533: The Reserve Bank of India (RBI) barred the company (along with American Express ) from issuing new cards for failing to follow norms about storing data within the country. The ban was lifted later in the year after it complied with the RBI guidelines. The Nihon Kōtsū Kōsha (now JTB Corporation ) and Fuji Bank (the direct predecessor of Mizuho Corporate Bank ) founded Diners Club Japan in 1960, and began issuing

2884-443: The enRoute credit card from Air Canada in 1992. It marketed the card under the combined name for a period of time as the "Diners Club/enRoute Card". The enRoute business was valued at over $ 300 million at the time of acquisition. In November 2009, Citibank announced that Diners Club International's North American franchise had been sold to Bank of Montreal (BMO). The deal gives BMO exclusive rights to issue Diners cards in

2987-547: The 1950s, passage of landmark federal banking legislation facilitated rapid growth, quickly establishing a prominent market share. After suffering a significant loss after the 1998 Russian bond default , BankAmerica, as it was then known, was acquired by the Charlotte-based NationsBank for US$ 62 billion. Following what was then the largest bank acquisition in history , the Bank of America Corporation

3090-512: The 2007 race. The deal increased Bank of America's presence in Illinois , Michigan , and Indiana by 411 branches, 17,000 commercial bank clients, 1.4 million retail customers, and 1,500 ATMs. Bank of America became the largest bank in the Chicago market with 197 offices and 14% of the deposit share, surpassing JPMorgan Chase . LaSalle Bank and LaSalle Bank Midwest branches adopted

3193-477: The American Oil Company, or Amoco , also launched its own co-branded Diners Club cards called American Torch Club (later renamed Amoco Torch Club), and Sun Oil Company issued its version called Sun Diners Club Card starting in 1977. In 1981, Citibank , a unit of Citicorp , bought Diners Club International, including the franchisor that holds rights to the Diners Club trademark. Despite this,

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3296-777: The Australian market, most government departments have adopted Visa for their card transactions. Diners Club International sponsored the Diners Club Arena in Rapperswil, Switzerland from 2005 until 2016. In 1963, the film The Man from the Diners' Club was released, and the Ideal Toy Company created the board game titled The Diners' Club Credit Card Game . In 1967, the film How to Succeed in Business Without Really Trying

3399-491: The Australian market. On November 21, 2018, it was announced that Diners Club International and Brazilian card association Elo were extending their partnership: they launched Elo Diners Club International Cards in Brazil. The cards run via the Discover Global Network, and are accepted at 42 million merchant locations and 2 million ATMs in over 190 countries and territories. In September 2017, Diners Club International signed

3502-604: The Austrian DC Bank AG, while the Swiss Diners Club cards are issued by Cornèr Banca SA. Diners Club was brought to Turkey by Koç Holding for the first time in 1968 and been issued for a while. After a couple years without being distributed in Turkey, it was brought back to the country in 2016 by Alternatif Bank and as of September 2023, it is still being distributed by Alternatif Bank. Since 2019,

3605-481: The Bank of America logo. At the time of merger, FleetBoston was the seventh largest bank in United States with $ 197 billion in assets, over 20 million customers and revenue of $ 12 billion. Hundreds of FleetBoston workers lost their jobs or were demoted, according to The Boston Globe . On June 30, 2005, Bank of America announced it would purchase credit card giant MBNA for $ 35  billion in cash and stock. The Federal Reserve Board gave final approval to

3708-484: The Bank of America name on May 5, 2008. During the subprime mortgage crisis , the bank, under Ken Lewis , made two major acquisitions that would shape the future of the company for the next couple years coming out of the crisis. Specifically the bank was sued by many different parties and made to pay tens of billions of dollars. On August 23, 2007, the company announced a $ 2 billion repurchase agreement for Countrywide Financial . This purchase of preferred stock

3811-603: The BankBoston name and trademarks were not part of the transaction, as part of the sale agreement, they cannot be used by Bank of America in Brazil, Chile or Uruguay following the transactions. Hence, the BankBoston name has disappeared from Brazil, Chile and Uruguay. The Itaú stock received by Bank of America in the transactions has allowed Bank of America's stake in Itaú to reach 11.51%. Banco de Boston de Brazil had been founded in 1947. On November 20, 2006, Bank of America announced

3914-598: The Citibank brand were brought under the National Australia Bank (NAB) brand as a result of the acquisition. On November 1, 2023, Diners Club Australia announced that it was ending personal cards on January 31, 2024 with no transactions possible after that date. Subsequently, it announced that all business and corporate cards were ending on April 15, 2024. All Diners Club accounts will close on September 16, 2024, effectively ending Diners Club's presence in

4017-605: The DCS Ultimate Platinum Card. The card was also the first numberless card issued by Diners Club. A few months after the launch of the DCS Ultimate Platinum Card, a non-numberless Mastercard version was launched. On 8 October 1980, Diners Club entered into an exclusive franchise with Security Bank as exclusive franchisee of Diners Club in the Philippines through Security Diners International Corporation. In 2003, Security Diners International Corporation

4120-619: The Diners Club Carte Blanche card. It was an upper-level charge card on par with the American Express Platinum Card . The Carte Blanche card in North America, now a branded Mastercard issued by BMO under its Diners Club International brand license, carried a US$ 300 annual fee as of April 2015 and offers an extensive menu of perks. Diners Club expanded its customer base in Canada by acquiring

4223-566: The Diners Club cards in Turkey are being issued co-branded with TROY within a card reciprocal agreement , thus the acceptance of Diners Club and Discovery cards throughout Turkey has been increased to full coverage. This agreement also provides TROY cards to be accepted on Discover/Diners Club network worldwide. Diners Club UAE, Egypt, Lebanon and Jordan is owned and operated by the Network International subsidiary of Emirates NBD Bank . On August 7, 2012, Citigroup announced

St. Galler Kantonalbank Arena - Misplaced Pages Continue

4326-521: The Discover logo on the back and the Diners Club International network is part of the Discover network. Since then, the only connection between Diners Club in North America and Diners Club International is BMO's continuous licensed use of the Diners Club brands, including Carte Blanche, on Mastercard credit cards. Carte Blanche began in 1958 when the Hilton Hotels travel & entertainment card

4429-667: The Discover logo, as well as BMO's Diners Club-branded Mastercards issued in North America. In Argentina, Citibank entered into an agreement to transfer its rights and obligations to Banco Comafi . From December 16, 2013 until August 31, 2021, Banco Comafi S.A. managed the Diners Club credit card business in Argentina. After Banco Comafi closed the Diners Club Argentina business, all existing Diners Club Argentina credit cards were converted into Mastercard credit cards. In July 1974, Ansett Transport Industries purchased

4532-530: The Mastercard network. As of October 2023, BMO is not accepting new applications for Diners Club cards, as improvements are being made to the application process, while existing card members continue to be served. Initially, cards from other countries continued to bear a 14-digit account number on the front, with the Mastercard logo on the back. However, since the takeover of Diners Club International by Discover Financial Services, international cards have had

4635-465: The Nordic payment card market, and the card is no longer issued in the Nordic countries. In 2004, Diners Club announced an agreement with Mastercard . Since 2004, all Diners Club cards issued in the United States and Canada (by Citibank until 2009, by BMO since) feature a Mastercard logo and 16-digit account number on the front and can be used wherever Mastercard is accepted. They are processed through

4738-579: The Philippines to competitor and Philippines' leading banking conglomerate, BDO Unibank and in October of the same year, Diners Club International announced that they signed a deal with BDO Unibank to become the exclusive provider of the Diners Club in the Philippines. Security Bank at the time offered three tier cards: Blue (Classic), Platinum (named International), and Black (named Premiere). At present, BDO offers Platinum (International), and Black (Premiere) cards. Diners Club Spain  [ es ]

4841-742: The U.S. and Canada. At the time, BMO said the Diners Club fits well with its existing commercial card business, adding that, commercial cards are one of the fastest-growing segments in the credit card business. In 2014, The Warehouse Group acquired the New Zealand Diners Club franchise from its Malaysian owners and subsequently launched The Warehouse Group Financial Services on said basis. The Warehouse Group subsequently closed Diners Club NZ in 2018. In December 2010, Russian Standard Bank and Diners Club International entered into an agreement for settlement of transactions in Russia. Under

4944-484: The United States at that time. Giannini and Monnette headed the resulting company, serving as co-chairs. Giannini introduced branch banking shortly after 1909 legislation in California allowed for branch banking in the state, establishing the bank's first branch outside San Francisco in 1909 in San Jose. By 1929 the bank had 453 banking offices in California with aggregate resources of over US$ 1.4 billion. There

5047-419: The acquisition did not go through, and later Bank of America were forced to request federal assistance, the management of Bank of America would be "gone". Other emails, read by Congressman Dennis Kucinich during the course of Lewis' testimony, state that Mr. Lewis had foreseen the outrage from his shareholders that the purchase of Merrill would cause, and asked government regulators to issue a letter stating that

5150-480: The acquisition of Merrill Lynch and that federal official pressured him to proceed with the deal or face losing his job and endangering the bank's relationship with federal regulators. Lewis's statement is backed up by internal emails subpoenaed by Republican lawmakers on the House Oversight Committee. In one of the emails, Richmond Federal Reserve President Jeffrey Lacker threatened that if

5253-543: The acquisition on December 5, 2008, and the deal closed January 1, 2009. Bank of America had planned to retain various members of the then Merrill Lynch's CEO, John Thain 's management team after the merger. However, after Thain was removed from his position, most of his allies left. The departure of Nelson Chai , who had been named Asia-Pacific president, left just one of Thain's hires in place: Tom Montag, head of sales and trading. The bank, in its January 16, 2009, earnings release, revealed massive losses at Merrill Lynch in

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5356-547: The acquisition, which was completed in July 2008, giving the bank a substantial market share of the mortgage business, and access to Countrywide's resources for servicing mortgages. The acquisition was seen as preventing a potential bankruptcy for Countrywide. Countrywide, however, denied that it was close to bankruptcy. Countrywide provided mortgage servicing for nine million mortgages valued at $ 1.4 trillion as of December 31, 2007. This purchase made Bank of America Corporation

5459-566: The agreement, Russian Standard Bank will process settlement transactions of other banks acting as acquirers of Discover Financial Services and Diners Club International in Russia. On March 8, 2022, Discover Financial Services and Diners Club International suspended all operations in Russia due to the Russian invasion of Ukraine . In 2013, Tomaž Lovše, who owned Diners Club Slovenia, was one of three people investigated in Slovenia regarding unpaid debts that his franchise owed to merchants. In May,

5562-521: The bank introduced the BankAmericard, which changed its name to Visa in 1977. A coalition of regional bankcard associations introduced Interbank in 1966 to compete with BankAmericard. Interbank became Master Charge in 1966 and then Mastercard in 1979. From February 1970 through September 1971, there were 66 attacks on Bank of America branches in California, including 53 bombings or fire-bombings, and 13 arson fires. There were "few injuries" and

5665-500: The bill was paid on loan or McNamara waited for his wife to drive his wallet to him. Some journalists later credited Alfred Bloomingdale with the idea for Diners Club. McNamara and his attorney, Ralph Schneider, founded Diners Club International on February 8, 1950, with $ 1.5 million in initial capital. Alfred Bloomingdale joined briefly, then started a competing venture in California before merging his California-based Dine and Sign with Diners Club. McNamara's original conception

5768-640: The brokerage firm Charles Schwab and Co. back to Mr. Schwab . It also sold Bank of America and Italy to Deutsche Bank . By the time of the 1987 stock-market crash , BankAmerica's share price had fallen to $ 8, but by 1992 it had rebounded mightily to become one of the biggest gainers of that half-decade. BankAmerica's next big acquisition came in 1992. The company acquired Security Pacific Corporation and its subsidiary Security Pacific National Bank in California and other banks in Arizona , Idaho , Oregon , and Washington , which Security Pacific had acquired in

5871-437: The card in newspapers, magazines, and by sending personal mail to potential customers. Diners Club International was named for being a "club of diners" that would allow patrons to settle their bill at the end of each month through their credit account. When the card was first introduced, Diners Club listed 27 participating restaurants, and 200 of the founders' friends and acquaintances used it. Diners Club had 20,000 members by

5974-783: The colossal losses visited on B of A due to its acquisition of Merrill Lynch. With Thain's departure, Brian Moynihan became president of Global Banking and Global Wealth and Investment Management. After the merger was closed, the SEC Registration of Banc of America Securities was terminated in January 2011. BAS operated from a number of offices across the world, with major offices in New York, New York , Charlotte, North Carolina , Chicago, Illinois , San Francisco, California , Tokyo , Frankfurt , London , and Mumbai . The bulk of its investment banking operations eventually moved to

6077-435: The combined subsidiary was renamed "BancAmerica Robertson Stephens". In 1997, BankAmerica lent investment management firm D. E. Shaw & Co. $ 1.4 billion to run various businesses for the bank. However, D.E. Shaw suffered significant loss after the 1998 Russia bond default . NationsBank of Charlotte acquired BankAmerica in 1998 in what was the largest bank acquisition in history at that time. While NationsBank

6180-520: The country's first Diners Club cards in spring 1961, shortly before JCB . In 2000, Diners Club Japan was acquired by Citibank Japan, and since 2015, the sole issuer of all Diners Club cards in Japan is Sumitomo Mitsui Trust Bank , after it acquired Citibank Japan's credit card division that same year. In September 2016, Kazkommertsbank became the official Diners Club card issuer in Kazakhstan. In

6283-622: The end of 1950 and 42,000 by the end of 1951. At the time, the company was charging participating establishments 7% and billed cardholders $ 5 a year. In 1952, McNamara sold his interest in Diners Club to his partners for $ 200,000. The first plastic Diners Club card was introduced in 1961; by the mid-1960s, Diners Club had 1.3 million cardholders. Towards the end of the 1960s, Diners Club faced competition from banks that issued revolving credit cards through Bank of America 's BankAmericard (later changing its name to Visa ), and Interbank Master Charge (renamed to MasterCard ). Starting in 1968,

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6386-568: The first Diners Club franchise was opened in 1963. Nowadays, the Colombian franchisee and issuer of Diners Club cards is Banco Davivienda . Diners Club was the first to introduce credit cards in India. Kali Mody is credited with opening the first Diners franchise in the country in 1961, which started an invitation-only credit card issuance. Its cards have been offered by Citibank India , followed by HDFC Bank which took over in 2011. In 2021,

6489-405: The following February, in 1950, and paid for his meal using a cardboard charge card and a signature. The story became well known. Diners Club official history refers to this meal as "The First Supper", and is credited by historians as the beginnings of contemporary credit. Various versions of the story differ about whether it was a lunch or dinner at which McNamara forgot his wallet, and whether

6592-506: The fourth quarter, which necessitated an infusion of money that had previously been negotiated with the government as part of the government-persuaded deal for the bank to acquire Merrill. Merrill recorded an operating loss of $ 21.5 billion in the quarter, mainly in its sales and trading operations, led by Tom Montag. The bank also disclosed it tried to abandon the deal in December after the extent of Merrill's trading losses surfaced, but

6695-419: The government had ordered him to complete the deal to acquire Merrill. Lewis, for his part, states he didn't recall requesting such a letter. The acquisition made Bank of America the number one underwriter of global high-yield debt , the third largest underwriter of global equity and the ninth largest adviser on global mergers and acquisitions. As the credit crisis eased, losses at Merrill Lynch subsided, and

6798-490: The largest financial services company in the world. Temasek Holdings , the largest shareholder of Merrill Lynch & Co., Inc., briefly became one of the largest shareholders of Bank of America, with a 3% stake. However, taking a loss Reuters estimated at $ 3 billion, the Singapore sovereign wealth fund sold its whole stake in Bank of America in the first quarter of 2009. Shareholders of both companies approved

6901-693: The leading mortgage originator and servicer in the U.S., controlling 20–25% of the home loan market. The deal was structured to merge Countrywide with the Red Oak Merger Corporation, which Bank of America created as an independent subsidiary. It has been suggested that the deal was structured this way to prevent a potential bankruptcy stemming from large losses in Countrywide hurting the parent organization by keeping Countrywide bankruptcy remote . Countrywide Financial has changed its name to Bank of America Home Loans . In December 2011,

7004-459: The license fee. As a result, Hyundai Card was able to issue American Express cards and signed an exclusive license for American Express Card individual cards in Korea. Since then, Diners Club has signed a license contract with Korean credit card companies BC Card and Woori Card to issue Diners Club cards in Korea. In addition, Diners Club, which previously used Hyundai Card's payment network, began using BC Card's payment network in 2018. BC Card

7107-533: The merged company was and still is headquartered in Charlotte, and retains NationsBank's pre-1998 stock price history. All U.S. Securities and Exchange Commission (SEC) filings before 1998 are listed under NationsBank, not Bank of America. NationsBank president, chairman, and CEO Hugh McColl , took on the same roles with the merged company. In 1998, Bank of America possessed combined assets of $ 570 billion, as well as 4,800 branches in 22 U.S. states. Despite

7210-452: The merger on December 15, 2005, and the merger closed on January 1, 2006. The acquisition of MBNA provided Bank of America a leading domestic and foreign credit card issuer. The combined Bank of America Card Services organization, including the former MBNA, had more than 40 million U.S. accounts and nearly $ 140 billion in outstanding balances. Under Bank of America, the operation was renamed FIA Card Services. Bank of America operated under

7313-507: The name BankBoston in many other Latin American countries, including Brazil. In May 2006, Bank of America and Banco Itaú (Investimentos Itaú S.A.) entered into an acquisition agreement, through which Itaú agreed to acquire BankBoston's operations in Brazil, and was granted an exclusive right to purchase Bank of America's operations in Chile and Uruguay , in exchange for Itaú shares. The deal

7416-400: The nature of their travel expenditure, due to the “comprehensive data” that would be provided through the system from travel supplies. Diners Club provided Diners Club Travel Cards to government public servants with a companion Mastercard to increase the number of locations that accepted the card, to reduce cash advance withdrawals of travels allowances. After the Diners Club withdrawal from

7519-579: The oldest branch of the Bank of America franchise can be traced to 1784, when Massachusetts Bank was chartered, the first federally chartered joint-stock owned bank in the United States. Another branch of its history goes back to the U.S.-based Bank of Italy , founded by Amadeo Pietro Giannini in 1904, which provided various banking options to Italian immigrants who faced service discrimination . Headquartered in San Francisco, California , Giannini acquired Banca d'America e d'Italia , in 1922. In

7622-562: The parent company of Daewoo Motors , Diners Club Korea ran a successful business with sales of over 400 billion won. Diners Club Korea went through strict card issuance screening and solidified its position as a premium credit card in Korea. The number of Diners Club member stores increased more than tenfold, and the number of members reached hundreds of thousands, and the business was successful. However, Daewoo Group, which had acquired Diners Club, sold Diners Club Korea to Hyundai Motor Company after experiencing financial difficulties and starting

7725-470: The problems on his predecessor, A. W. (Tom) Clausen , Clausen was appointed to replace Armacost. The losses resulted in a huge decline of BankAmerica stock, making it vulnerable to a hostile takeover . First Interstate Bancorp of Los Angeles (which had originated from banks once owned by BankAmerica), launched such a bid in the fall of 1986, although BankAmerica rebuffed it, mostly by selling operations. It sold its FinanceAmerica subsidiary to Chrysler and

7828-686: The property damage cost about $ 500,000, 80% of which was from the burning of the Isla Vista branch during a February 1970 riot. Following passage of the Bank Holding Company Act of 1956 by the U.S. Congress , BankAmerica Corporation was established for the purpose of owning and operating Bank of America and its subsidiaries. In 1983, Bank of America expanded outside California , through acquisition, orchestrated in part by Stephen McLin of Seafirst Corporation in Seattle , and its wholly owned banking subsidiary, Seattle-First National Bank. Seafirst

7931-639: The purchase of The United States Trust Company for $ 3.3 billion, from the Charles Schwab Corporation . US Trust had about $ 100 billion of assets under management and over 150 years of experience. The deal closed July 1, 2007. On September 14, 2007, Bank of America won approval from the Federal Reserve to acquire LaSalle Bank Corporation from ABN AMRO for $ 21 billion. With this purchase, Bank of America possessed $ 1.7 trillion in assets. A Dutch court blocked

8034-612: The sale of its Diners Club franchise in the United Kingdom and Ireland to Affiniture Cards, a private investor group. Mercantil Banco is the sole franchisee of Diners Club in Venezuela since 1968. On January 23, 2018, it was announced that Vietinbank had entered into a partnership with Diners Club International to be the exclusive issuer of Diners Club cards (both standard and contactless) in Vietnam. In 2012 as part of

8137-477: The sale until it was later approved in July. The acquisition was completed on October 1, 2007. Many of LaSalle's branches and offices had already taken over smaller regional banks within the previous decade, such as Lansing and Detroit-based Michigan National Bank . The acquisition also included the Chicago Marathon event, which ABN AMRO acquired in 1996. Bank of America took over the event starting with

8240-518: The size of the two companies, federal regulators insisted only upon the divestiture of 13 branches in New Mexico , in towns that would be left with only a single bank following the combination. These branches were sold to BOK Financial Corporation , which operates them under the name "Bank of Albuquerque". The broker-dealer, NationsBanc Montgomery Securities, was named Banc of America Securities in 1998. Banc of America Securities LLC ( BAS ),

8343-528: The subsidiary generated $ 3.7 billion of Bank of America's $ 4.2 billion in profit by the end of quarter one in 2009, and over 25% in quarter 3 2009. On September 28, 2012, Bank of America settled the class-action lawsuit over the Merrill Lynch acquisition and will pay $ 2.43 billion. This was one of the first major securities class action lawsuits stemming from the financial crisis of 2007–2008 to settle. Many major financial institutions had

8446-402: Was Stockholders Auxiliary Corporation. This company acquired the stocks of various banks located in New York City and certain foreign countries. In 1928, Giannini merged his bank with Bank of America, Los Angeles , headed by Orra E. Monnette . Bank of Italy was renamed on November 3, 1930, to Bank of America National Trust and Savings Association , which was the only such designated bank in

8549-474: Was acquired by Bank of Italy of San Francisco, which took the Bank of America name two years later. The eastern portion of the Bank of America franchise can be traced to 1784, when Massachusetts Bank was chartered, the first federally chartered joint-stock owned bank in the United States and only the second bank to receive a charter in the United States. This bank became FleetBoston , with which Bank of America merged in 2004. In 1874, Commercial National Bank

8652-740: Was announced in April 2008 and approved by the U.S. government in May 2008. By merging the North American Discover Network with the international Diners Club Network, Discover created a global payment processing system. Discover Bank has no plans to issue Diners Club-branded cards, which continue to be issued by Diners Club International licensees. In 2011, Discover started incorporating its logo on Diners Club International cards. Several payment processors, like PayPal , can process only new Diners Club International cards, which include

8755-521: Was arranged to provide a return on investment of 7.25% per annum and provided the option to purchase common stock at a price of $ 18 per share. On January 11, 2008, Bank of America announced that it would buy Countrywide Financial for $ 4.1 billion. In March 2008, it was reported that the Federal Bureau of Investigation (FBI) was investigating Countrywide for possible fraud relating to home loans and mortgages. This news did not hinder

8858-515: Was at risk of seizure by the federal government after becoming insolvent due to a series of bad loans to the oil industry . BankAmerica continued to operate its new subsidiary as Seafirst rather than Bank of America until the 1998 merger with NationsBank. BankAmerica experienced huge losses in 1986 and 1987 due to the placement of a series of bad loans in the Third World . The company fired its CEO, Sam Armacost , in 1986. Though Armacost blamed

8961-439: Was at the time within days of collapse, and the acquisition effectively saved Merrill from bankruptcy. Around the same time Bank of America was reportedly also in talks to purchase Lehman Brothers , however a lack of government guarantees caused the bank to abandon talks with Lehman. Lehman Brothers filed for bankruptcy the same day Bank of America announced its plans to acquire Merrill Lynch. This acquisition made Bank of America

9064-565: Was compelled to complete the merger by the U.S. government. The bank's stock price sank to $ 7.18, its lowest level in 17 years, after announcing earnings and the Merrill mishap. The market capitalization of Bank of America, including Merrill Lynch, was then $ 45 billion, less than the $ 50 billion it offered for Merrill just four months earlier, and down $ 108 billion from the merger announcement. Bank of America CEO Kenneth Lewis testified before Congress that he had some misgivings about

9167-404: Was dining with clients and realized he had left his wallet in another suit. His wife paid the bill, and McNamara thought of a multipurpose charge card as a way to avoid similar embarrassments in the future. He discussed the idea with the restaurant owner at the table, and the following day with his lawyer Ralph Schneider and friend Alfred S. Bloomingdale McNamara returned to the same restaurant

9270-644: Was founded by the merger of NationsBank and Bank of America in 1998. It is the second-largest banking institution in the United States and the second-largest bank in the world by market capitalization , both after JPMorgan Chase . Bank of America is one of the Big Four banking institutions of the United States. It serves about 10 percent of all American bank deposits, in direct competition with JPMorgan Chase, Citigroup , and Wells Fargo . Its primary financial services revolve around commercial banking , wealth management , and investment banking. Through mergers,

9373-530: Was founded in 1954 as the first credit card issuer in the country. In 2008, Banco Santander acquired 75% and AirPlus International the remaining 25% of Diners Club Spain. Banco Santander subsequently acquired AirPlus International's remaining stake in 2021. In a transaction that closed on August 6, 2010, Citibank sold the Swiss and German franchises to a private investment group headed by Anthony J. Helbling. The Austrian and German Diners Club cards are issued by

9476-709: Was founded in Charlotte. That bank merged with American Trust Company in 1958 to form American Commercial Bank. Two years later it became North Carolina National Bank when it merged with Security National Bank of Greensboro. In 1991, it merged with C&S / Sovran Corporation of Atlanta and Norfolk to form NationsBank . The central portion of the franchise dates to 1910, when Commercial National Bank and Continental National Bank of Chicago merged in 1910 to form Continental & Commercial National Bank, which evolved into Continental Illinois National Bank & Trust . The history of Bank of America dates back to October 17, 1904, when Amadeo Pietro Giannini (1870–1949) founded

9579-423: Was founded. Through a series of mergers and acquisitions, it built upon its commercial banking business by establishing Merrill Lynch for wealth management and Bank of America Merrill Lynch for investment banking in 2008 and 2009, respectively, and since renamed BofA Securities. Both Bank of America and Merrill Lynch Wealth Management retain large market shares in their respective offerings. The investment bank

9682-506: Was ranked No. 25 on the 2020 Fortune 500 rankings of the largest US corporations by total revenue. Likewise, Bank of America was also ranked No. 6 on the 2023 Global 2000 rankings done by Forbes. Bank of America was named the "World's Best Bank" by the Euromoney Institutional Investor in its 2018 Awards for Excellence. Bank of America, Los Angeles was founded in California in 1923. In 1928, this entity

9785-604: Was released, incorporating the song Brotherhood of Man including the lyrics, "And other men may carry cards, as members of the Diners". Bank of America The Bank of America Corporation (often abbreviated BofA or BoA ) is an American multinational investment bank and financial services holding company headquartered at the Bank of America Corporate Center in Charlotte, North Carolina , with investment banking and auxiliary headquarters in Manhattan . The bank

9888-581: Was renamed into SB Cards Corporation, as the bank diversified its product offering and entered into an agreement to carry Mastercard, alongside its Diners Club cards. Security Bank renewed its network participation agreement with Diners Club on 9 October 2013 which aimed to provide world class benefits of Diners Club in the Philippines through SBC. Turn of events suddenly changed the course of history in June 2016, Security Bank through its credit card division SB Cards Corporation sold Diners Club's exclusive rights in

9991-432: Was renamed. Hilton sold Carte Blanche to First National City Bank in 1966. Regulatory challenges forced First National City Bank to sell Carte Blanche to Avco in 1968. In 1978, Citicorp (parent company of First National City Bank which was renamed Citibank) reacquired Carte Blanche without regulatory opposition. The 1960s- and 1970s-era Carte Blanche cards were considered more prestigious worldwide than their competition,

10094-632: Was signed in August 2006. Prior to the transaction, BankBoston's Brazilian operations included asset management, private banking, a credit card portfolio, and small, middle-market, and large corporate segments. It had 66 branches and 203,000 clients in Brazil. BankBoston in Chile had 44 branches and 58,000 clients and in Uruguay, it had 15 branches. In addition, there was a credit card company, OCA, in Uruguay, which had 23 branches. BankBoston N.A. in Uruguay, together with OCA, jointly served 372,000 clients. While

10197-515: Was terminated in 2015. In December 2016, Diners Club International and 2C2P announced in a statement that the latter is a global provider of cards running on Discover Global Network and that it will increase the number of merchants who use the card in the region of South East Asia. In 2023, the Diners Club Singaporean franchise (now renamed to DCS Card Centre ) issued the first UnionPay -co-branded Diners Club card, known as

10300-554: Was the investment banking subsidiary of BoA from 1998 until BoA was merged with Merrill Lynch (2008). Headquartered in New York City, the company competed in both the domestic and international equity and investment banking markets. The company was a registered broker-dealer with the United States Securities and Exchange Commission (SEC) and was a member of the New York Stock Exchange and

10403-530: Was the first independent payment card company in the world, successfully establishing the financial card service of issuing travel and entertainment (T&E) credit cards as a viable business. Diners Club International and its franchises serve individuals from around the world with operations in 59 countries. The idea for Diners Club was conceived at the Majors Cabin Grill restaurant in New York City in 1949. Diners Club cofounder Frank McNamara

10506-414: Was the nominal survivor, the merged bank took the better-known name of Bank of America. Hence, the holding company was renamed Bank of America Corporation, while NationsBank, N.A. merged with Bank of America NT&SA to form Bank of America, N.A. as the remaining legal bank entity. The combined bank operates under Federal Charter 13044, which was granted to Giannini's Bank of Italy on March 1, 1927. However,

10609-402: Was to make a card that could be used as a means of payment in restaurants around New York City; however, he later expanded its usage to other types of establishments, including hotels, car rentals, and flower shops. The company started building its customer base by offering their cards to prominent businessmen. Shortly afterward, Matty Simmons , the company's first press agent, started advertising

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