The bank name was changed to Bank of America in October 2000 (Bank of America., 2017). The revenue for the fiscal year 2016 was US$89.701 billion and the net income of the bank is US$17.906 billion. As the nation’s first coast-to-coast banking system, financial institution of the united states has greater than 5,700 retail banking offices and near 17 million ATMs that serve greater than 55 million client and small company customers. overall of 20 million, its active on line banking customer base is probable the most important of any economic facilities. 1.2 Mission and Vision of Bank of America Vision of the Bank of America is to continue to help their customers gorw and demonstrate how they can turn opportunities to reality.
Introduction Nigeria, one of the most populous countries in Africa achieved independence from Britain in 1960, a time when primary agricultural products like groundnuts, palm oil, cocoa beans. Cotton and rubber dominated the exports. Oil till the 1950s was nowhere in picture of the Nigerian macro-economy. However, the discovery of oil wells in the Niger delta region of Nigeria in great quantities changed the entire macro-economic scenario of Nigeria. Oil wells were discovered in 1956, but production did not start until 1958.
It has recently emerged as Africa’s largest economy with a Gross Domestic product but careful analysis shows that Nigeria has been floundering given all the valuable resources they have. Central Bank Governor (2010), Sanusi Lamido Sanusi stated: “The Nigerian economy has grossly underperformed relative to her enormous resource endowment and her peer nations. It has the 6th largest gas reserves and the 8th largest crude oil reserves in the world. It is endowed in commercial quantities with about 37 solid mineral types and has a population of over 150 million persons. Yet economic performance has been rather weak and does not reflect these
The term “Bank” has been defined in different ways. According to Walter Leaf, “A bank is a person or corporation which holds itself out to receive from the public, deposits payable on demand by cheque.” Besides that, under the Banking and Financial Institutions Act (BAFIA) 1989, a “bank” is defined as “a person which carries on banking business”. Commercial banks are a financial institution based on trade funds, craft their basic as they act as a medium between investment and capital. The main player in the banking system and it is the largest and most crucial provider of funds in the banking system is commercial banks. According to Muhamad Muda (1996), the history of Malaysian banking development dates back to more than 130 years ago when the first commercial bank which is the Chartered Mercantile Bank of India, London and China was established in 1859.
Therefore, this type of situation reveals that China does saturate the Nigerian market with Chinese goods and this could in the other way round because unfavourable market conditions for home produce goods. Again, as years were advancing the trade relations between Nigeria and China was also on good terms in the sense that the trade volume reached 3 billion US dollar by 2004. Also in 2010 the value of bilateral trade between the two countries was 10 times what it was in 2000 that is the value of trade in 2010 was 17.7 million US dollars meaning that the trade value in 2000 was below 7 million US dollars as revealed by findings (. Furthermore, China mostly imports oil and gas products from Nigeria and Chinese exports to Nigeria comprise numerous manufactured goods, electronics, and machineries amongst other. For example, within a period of 10 years as above, China's exports expressed as a percentage of the total bilateral trade was up to 20%.
Bank run is a situation when depositors start withdrawal of money on large amounts because of the fear that the bank will fail. The bank was nationalized on 22 February 2008 after two unsuccessful offers to assume control over the bank, nor having the capacity to completely focus on reimbursement of taxpayer's cash. Government adequately removed responsibility for indebted foundation from its investors, without repayment. The bank was split in assets and banking on January 2010 and after one year in June 2011, the bank was put up for sale to private sector. On 17 November 2011, Virgin Money bought the Northern Rock
By implementing this “Going Global” strategy, Bank of China has successfully taken a leading position for international business among the peers in the banking industry. We can say that Bank of China has superior degree on globalization of the customers. After 2013, the global economy started to recover and China as a crucial player successfully achieved its steady development and stable economic growth( BOC Annual Report, 2013, p18). Combinate prudent monetary policy and liberating RMB interest rate, China became donimnant in international financial markets. As the result, the banking industry has expanded and increased by 13.3% to RMB151.4 trillion( BOC Annual Report, 2013, p19).
A bank is a financial institution that receives deposits and lead those deposits into loaning activities. Banks mainly offer financial services to customers while enriching depositors. Government constraints on financial activities by banks differ over time and location. On the other hand way we can say, an organization, typically a corporation, chartered by state or federal government, which does maximum or all of the following: receives demand deposits and time deposits, honors instruments drawn on them, and provide interest on them; discounts notes, makes loans, and invests in securities; collects checks, drafts, and notes; certifies depositor 's checks; and issues drafts and cashier 's checks can be identified as a bank Initial modern banking was introduced in 1668 in Stockholm as “Savings Pis Bank”, which opened up a new age of banking activities through the European Mainland .In the north Asian area, the Afghan traders commonly known as Kabuli wall as presented early banking system. Muslim traders from Kabul, Afghanistan came to India and started money loaning business in exchange of interest sometime in 1312 A.D. they were recognized as “Kabuliwallas Further Bangladesh Bank (BB) has been functioning as the central bank since the country’s liberation.
At present Nigeria is the 13th oil producer and 5th largest exporter. The oil sector has played a pivotal and almost exclusive role in the economy, causing Nigeria to be subject to the volatile revenues of this sector. The dependence of the country by oil revenues started in the mid of 1960s when the then Prime Minister Balewa started considering the potential impact of oil revenue on the balance of payments. In 1970s the country was suddenly awash with money arising from the impressive increase of oil price in the world market. and oil gained ascendancy over all other commodities as the largest contributor to the country GDP, and as a major foreign exchange earner taking the place of crops.
Part Two INTRODUCTION OF INDUSTRY & COMPANY 2.1 Introduction of company/organization Bank in general is meant an institution established by law, which deals with money and credit. So it deals with money, receiving it on deposits from customers, honoring customers drawing against such deposits on demand, collecting cheques for customers and lending or investing surplus deposit until they are required for repayment. “The banker’s business is to take the debts of other people, to offer his own in exchange and thereby create money”. Crowthier, The bank started its banking services from Magh 6, 2042 after registration in the company act, 2021 and Nepal Banijya bank act 2031. The French partner (holding 50% of the capital of NIBL) was Credit Agricole Indosuez, a subsidiary of one the largest banking group in the world.