Bank of America.................................................................NEWS

CONTACT: Sharon Tucker, (415) 622-2775

BANK OF AMERICA NAMES FÉDERICO SACASA
TO HEAD ITS LATIN AMERICA GROUP

SAN FRANCISCO, January 27, 1998 -- Bank of America has named Group Executive Vice President Federico Sacasa to head its Latin America Group. He is responsible for the company's client relationships throughout the region, where Bank of America has conducted business with local corporations, multinational companies, and financial institutions for 50 years.

With the company since 1988, Sacasa previously managed Sales, Marketing, and Product Management for Bank of America's Global Payment Services & Wholesale Operations Group. His successor has not been named.

Sacasa is a member of the bank's Senior Management Council. He continues to be based in San Francisco and reports to Mike MOr~y, President, Global Wholesale Bank.

"Federico brings a strong blend of the leadership and business skills that are required for the job, and he takes on these responsibilities at a critical time in the development of the bank's global wholesale business," Murray said. He added, "Guided by our current assessment of both the challenges and the growth opportunities in Latin America, we will continue to invest in our capabilities to grow and strengthen our client relationships in the region."

Sacasa replaces Group Executive Vice President Barbara Z. Otto, who, after nearly 12 years at Bank of America, is taking a six-month leave of absence from the company to spend more time with her two teenaged children.

"With her extensive background in international banking and credit management, Barbara delivered very strong results in Latin America," Murray said. "In less than five years, she boosted the region's operating income to a twelvefold gain, deepened our client base, and successfully introduced international capital-raising products to clients throughout Latin America. We wish Barbara weli as she begins her leave of absence." :

Bank of America is the market leader in originating U.S. commercial paper products for Latin American issuers, holding the #1 agent/co-agent ranking in the Loan Pricing Corporation's Latin League Table for leading 74 syndicated transactions during 1997 that totaled US$20 billion.

From offices in Argentina, Brazil, Chile, Colombia, Mexico, and Venezuela, Bank of America's commercial banking, capital markets, and selected investment banking activities extend across the region.

Sacasa previously managed the company's wholesale activities in Latin America, from 1988 through 1990. Since then, he has held a series of assignments across the wholesale bank. Initially, he ran Support Services for the newly created United States Division from November 1990 to July 1991. He then moved to London as head of Relationship Management for the Europe, Middle East & Africa Division. In July 1993, he returned to San Francisco to start up the International Trade Bank, the first of the wholesale bank's global product groups. ~

Before joining Bank of America, Sacasa worked for Banco de Credito del Peru and for Wells Fargo.

A native of Nicaragua, he holds an MBA from American University in Washingtc D.C. and is a graduate of Georgetown University's School of Foreign Service.

Sacasa serves as chairman of the United States-Mexico Chamber of Commerce, president of Caribbean/Latin American Action; presiding offcer of the Regional Trade Development Alliance of Northern California, and vice president of the Bankers' Association for Foreign Trade. He is also an advisory committee member of the Exportlmport Bank of the United States and past president of the Pan American Society of California. He serves on the boards of directors of the Bay Area World Trade Center, Foundation for Management Education in Central America, and Landegger Program in International Business Diplomacy at Georgetown University's School of Foreign Service.