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  • Bank of America is Moving Faster than its own Predictions

    Citigroup Official Logo
    Friday September 17, 2010 at 09:51 am EST
    Bank of America Corp. (BAC) is Moving in the Right Direction
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    Bank of America Corp. (BAC) announced on Sunday that it is ahead of schedule on its 10-year, $20 billion business initiative focused on addressing climate change, launched in 2007. It said that through June 2010, Bank of America has directed $8.4 billion through lending, investing, capital markets activity, philanthropy and the company's own operations. Anne M. Finucane, Global Strategy and Marketing officer and chair of Bank of America's Environmental Council said "One way Bank of America helps set opportunity in motion for clients and communities is by financing renewable and energy efficiency technologies and projects that reduce greenhouse gas emissions,".

    The Breakup of the $8.4 billion is as follow:

    $2.8 billion in equity and debt capital raised to help facilitate clients' climate change initiatives.
    $2.2 billion in equipment financing for energy efficiency projects and renewable energy projects in solar, wind, biomass and biofuel technologies.

    $265 million in private equity investments for innovative companies addressing climate change issues.
    $233 million invested in corporate workplace energy and resource efficiency initiatives for Bank of America facilities and LEED certification for all new construction office facilities and banking centers.
    $102 million in transactions that have financed emission reductions.
    $21 million in philanthropic support for nonprofit organizations focused on addressing climate change. Shares of Bank of America Corp. (BAC) closed at $13.55 on Friday near resistance level of $13.67. The support levels below are at $13.23 and $12.42. Resistance levels for Bank of America corp. are at $14.11, $15.22, $15.82 and $16.37.

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