Bank of America Merrill Lynch Prepared to Launch SEPA Direct Debits

LONDON -

- Clients Will Gain Easier, More Effective Way to Collect and Pay Cross Border Euro Transactions in Europe

Bank of America Merrill Lynch is pleased to announce that it is ready for the launch of SEPA Direct Debits (SDD) on 2 November 2009, which will provide clients with enhanced receivables management across 32 European countries.

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SDD enables the cross-border collection and payment of Euro direct debit transactions under a consolidated set of rules and processes, providing clients with an easier and more effective way to conduct business in Europe. Through SDD, clients will benefit from standardised charges and transaction cycle times, and the enhanced client reporting feature will allow them to differentiate their SEPA transactions.

SDD will be available to financial institutions and corporate clients through two schemes: core and business-to-business. Bank of America Merrill Lynch is offering SDD products and services in advance of its adherence deadline because of the importance and benefits to the bank’s clients.

“Bank of America Merrill Lynch recognises the advantages of centralising and standardising high volume payables and receivables, and we’re very pleased to roll this out to our clients early so that they can reap the benefits of SDD products now,” said Nick Diamond, EMEA Treasury Product Delivery executive at the bank. “Through SDD, financial institutions and corporates have the opportunity to become more efficient and competitive in their markets.”

The bank will advise clients on how the SDD specific data elements, where appropriate, can be incorporated into their existing electronic file formats.

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. The company provides unmatched convenience in the United States, serving approximately 53 million consumer and small business relationships with 6,000 retail banking offices, more than 18,000 ATMs and award-winning online banking with more than 29 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 more than 4 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients in more than 150 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.

www.bankofamerica.com

Source: Bank of America Merrill Lynch

Jefferson George, +1-980-683-4798, jefferson.george at bankofamerica.com, or Elizabeth Wood, +44-020-7995-7731, elizabeth.wood at bankofamerica.com