Bank of America

Rakhit Joins Banc of America Securities' Corporate & Investment Banking Canada Group

TORONTO - Banc of America Securities LLC (BAS) announced today that it has hired Shubo Rakhit as a managing director in the Canada Corporate & Investment Banking group. Rakhit is based in Toronto and reports to Donald Stewart, managing director and Canadian country manager. The Canada group reports to Joel Van Dusen, global head of the Business Services, Consumer & Retail Group, CSD, Canada and mid-cap investment banking at BAS.

"Shubo will be focused on deepening existing client names and to the majority focus on developing new client relationships across media & telecom, consumer & retail and general industrial sectors," said Stewart. "Shubo's knowledge and experience will greatly assist in our efforts to grow the Canadian business."

Rakhit has more than 13 years of investment banking experience. Immediately prior to joining BAS, he was a managing director at National Bank Financial in the Communications & Media group. Before joining National Bank in 2003, he spent four years as a managing director in the Communications & Technology group at Scotia Capital, Inc. From 1987--1998, Rakhit was at CIBC World Markets, where his most recent role was executive director in investment banking. Other roles at CIBC included senior manager in merchant banking and manager in corporate finance, respectively.

Rakhit has provided leadership and advisory on many industry-recognized transactions including cross border M&A in the communications & technology, consumer products and diversified industry sectors. Selected clients he has worked with through his career include AT&T Corp, John Labatt Limited, Osprey Media, Shaw Communications and WIC Western International Communications.

Shubo is a Chartered Accountant and has a bachelor of arts degree in Economics from the University of Western Ontario.

About Bank of America

Bank of America Corporation (NYSE: BAC) is one of the world's leading financial services companies. The company's Global Corporate and Investment Banking group (GCIB) provides investment banking, equity and debt capital raising, research, trading, risk management, treasury management and financial advisory services. Through offices in 35 countries, GCIB serves domestic and international corporations, institutional investors, financial institutions and government entities. Many of the company's services to corporate and institutional clients are provided through its U.S. and UK subsidiaries, Banc of America Securities LLC and Banc of America Securities Limited.

August 18, 2004