BofA: No New Acquisitions

Register now

Bank of America Corp.'s chief executive Kenneth Lewis told a Smith Barney financial services conference that the bank has "no strategic need" to be an aggressive acquirer in the future and won't likely push to change U.S. limits on an institution's overall share of deposits, Reuters news agency reported.

Asked about plans to try to get Congress to change existing deposit limits, such as by including deposits held by credit unions, he said: "We are not actively pursuing that. I think American people don't like huge concentration of power, particularly in financial services companies. I think that would be a tough one to get changed because of that."

It would be some time before such lending returns to levels seen during 1990's economic boom.

For reprint and licensing requests for this article, click here.