Strategic value of MER outweigh potential loses from MER balance sheet. BAC has traditionally done a good job at integrating acquisitions, but MER is a different animal than traditional commercial bank acquisitions. However, our review shows that more likely than not MER will be successfully integrated in BAC and strategic synergies will be fully realized.
BAC has had difficulties with meaningful international expansion. MER also solves this problem.
Consider tip-toeing right here and adding aggressively in low to mid twenties.