In 1922, Giannini established Bank of America and Italy[26] in Italy by buying Banca dell'Italia Meridionale,[27] itself only established in 1918.[28][29]
March 7, 1927, Mr. Giannini consolidated his Bank of Italy (101 branches) with the then newly formed Liberty Bank of America (175 branches). The result was the Bank of Italy National Trust & Savings Association with capital of $30,000,000, resources of $115,000,000.
In 1928, A. P. Giannini merged with Bank of America Los Angeles and consolidated it with his other bank holdings to create what would become the largest banking institution in the country. He renamed his Bank of Italy November 3, 1930, calling it Bank of America. The merger was completed in early 1929[30] and took the name Bank of America. The combined company was headed by Giannini with Orra E. Monnette serving as co-Chair.