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2006 Annual Report

Bruce L.

Bank of America
Card Services
Gregory L. Curl
Vice Chairman of Corporate Development
J. Steele Alphin
Chief Administrative
Bruce L. Hammonds, President, Bank of America Card Services, Gregory L. Curl, Vice Chairman of Corporate Development, and J. Steele Alphin, Chief Administrative Officer


How is the strategic partnership with China Construction Bank progressing?

Gregory L. Curl:

Bank of America and China Construction Bank (CCB) have partnered on many projects since we jointly announced in 2005 the definitive agreement to buy approximately 9 percent of CCB stock. We're extremely pleased with the progress of this long-term strategic alliance.

In 2006, we rolled out several products for the customers of both companies, including free ATM use and free remittance, which lets customers send money without charge to loved ones overseas. We're using our expertise to help CCB build its retail business and an efficient operating model. We're taking the same approach to advise and assist CCB in information technology, corporate governance, finance, risk management, human resources, corporate business and treasury services. Together with CCB, we've sponsored a number of community programs, including Asia's first Special Olympics Games.

China is one of the world's fastest-growing economies. By partnering with the best-positioned bank there, we're investing in strategies that will benefit both of our companies.