CHARLOTTE, N.C. - Bank of America Corp. said Monday that it would take a small equity stake in Integral Development Corp. and supply prices for foreign exchange instruments, interest rate derivatives, and money market products on Integral's CFOWeb.com site.
A Bank of America spokeswoman and an Integral spokesman declined to disclose size of the banking company's stake in the Palo Alto, Calif., company, but a source familiar with the deal said it was about 2%.
Bank of America is the second banking company to invest in Integral. In January, ABN Amro acquired a 2% equity stake and also agreed to provide foreign exchange and money market prices to the portal.
Integral's CFOWeb.com site gives fund managers and corporate treasurers the ability to model and price financial trades from multiple financial services providers and to make capital markets trades online.
Bank of America's deal with Integral would give its 2,000 corporate clients another avenue for gaining access to prices on interest rate and currency derivatives and foreign exchange instruments. They could also use the Bank of America Web site or more traditional methods, such as the telephone.