Bank of America chief executive Ken Lewis
says there's a "pretty low" likelihood that the Charlotte-based
bank will buy a smaller rival in 2007.
Speaking at an investor conference in New York, Lewis says the
nation's second-largest bank instead will focus on growing
Lewis cites the federal rule that bars any American bank from
making a deal that would give it more than 10 percent of the
nation's total bank deposits as the reason it won't seek a merger.
The Charlotte-based bank is closing in on the cap with 9 percent of
Last week, London's Financial Times reported Bank of America was
in talks with Countrywide about forging an alliance that would
create the nation's largest mortgage lending group.
While Bank of America wants to sell more mortgages, Lewis says
the bank isn't attracted to the mortgage industry's business model.