Bank of America Corp. has received approval for its proposed purchase of Merrill Lynch & Co. Inc. from the U.S. Federal Reserve Board, the bank announced Wednesday.

The deal is on schedule to close by the end of the year, pending shareholder and other regulatory approvals.

Once the purchase is complete, Bank of America will have the largest wealth management business in the world with nearly 20,000 financial advisors and approximately $2.5 trillion in client assets. In addition, Merrill Lynch is expected to enhance Bank of America by bolstering its position in global debt underwriting, global equities and global merger and acquisition advice.

“Combining the leading global wealth management, capital markets and advisory firm with largest consumer and corporate bank in the U.S. creates the world’s premier financial services company with unrivalled breadth and global reach,” said Bank of America chairman and CEO Kenneth Lewis. “This presents a compelling opportunity for our customers and shareholders.”

IE