Private Banking Giant Takes Shape; BankAmerica, Security Will Merge 4 Units into One
Braitman, Ellen, American Banker
Private Banking Giant Takes Shape
When BankAmerica Corp. merges with Security Pacific Corp. early next year, a double marriage ceremony will occur in the banks' private banking divisions.
Both banks segment their private banks into domestic and international private banking units. Under the post-merger structure, all the units will be merged into one global private banking business under the overall direction of Bank-America's Lewis W. Coleman.
The powerful Mr. Coleman, touted frequently as a successor to Bank America's chairman, Richard Rosenberg, is now vice chairman and head of the San Francisco company's world banking group.
Key Person Hired
Despite the integration, the bank recently hired Kent Price to run day-to-day operations of international private banking. Mr. Price is a refugee from Bank of New England, where he was chief financial officer in its final days.
Mr. Price was not available for comment. However, his hiring on the heels of the merger announcement makes it appear that he will have major responsibility when the merger closes.
Mr. Price reports to Richard Fulp, who runs all trust and financial management services at Bank of America. Mr. Fulp has been pinch-hitting since January for Thomas Quigg as day-to-day head of the international private bank. Mr. Quigg was transferred to run the bank's high-technology industry group.
No Word on Motivation
Stephen Spaulding runs the domestic side of BankAmerica's private banking group.
A spokeswoman for BankAmerica confirmed that the two banks' four private banking units would be combined into one. But she would not comment on the strategy behind the move nor on specific assignments. "We're in a hiatus in so many ways," she said, citing an across-the-board moratorium on post-merger remarks.
BankAmerica is not the first to consolidate its dual private banking operations. In December, Chase Manhattan Corp. reassigned the top managers of its private banking division while integrating its domestic and international operations. …