The transaction completes a process first disclosed by Bank of America in a 2nd August filing.
Bank of America assumed all of Merrill Lynch’s commitments, 'including its outstanding U.S. and non-U.S. debt securities, its obligations regarding outstanding trust-preferred securities, and its guarantees of both outstanding non-U.S. debt securities issued by its subsidiaries and trading contracts of its subsidiaries', according to the statement.
The largest U.S. banks must submit updated plans this week showing regulators how they would wind themselves down in a crisis.
Chief Executive Officer Brian T. Moynihan’s predecessor bought Merrill Lynch in 2009, and merging the legal entity could help appease regulators who want to make failures at the biggest banks easier to resolve in a crisis.
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