BofA Merrill Adds Commercial Card Capabilities in Four New Countries
Bank of America Merrill Lynch (BofA Merrill) has added commercial card capabilities in four new countries to support commercial and corporate clients. The addition follows a multi-year effort to extend the company’s commercial card capabilities throughout Asia, Europe and Latin America. The new countries include Brazil, Chile, the Philippines and South Korea.
These four new markets are in addition to a number of countries that were added to BofA Merrill’s commercial card programme over the last year including, Australia, China, and India in Asia-Pacific, as well as Italy, Spain and Switzerland (Swiss franc) in Europe.
The commercial card business is distinct from BofA Merrill’s consumer card business, and the recent announcement about the bank’s exit from international consumer card will have no impact to the global strategy for commercial card. The globalisation of BofA Merrill’s commercial card programme aligns with the growing trend of corporate clients to adopt a global approach towards managing their purchasing and corporate travel activities.