CHARLOTTE, N.C.--(BUSINESS WIRE)--Bank of America today announced a 100 million yen ($1.22 million) commitment to aid victims of the earthquake and tsunami in Japan. This includes a 50 million yen grant to the American Red Cross (ARC), which is partnering with the Japanese Red Cross Society to help meet the immediate needs of survivors.
"We are determined to do our part in ensuring that the communities affected by this tragedy receive relief and refuge as soon as possible,” said Brian T. Moynihan, president and chief executive officer of Bank of America. “We are coordinating with employees in Japan and across the globe on a number of initiatives aimed at encouraging a swift recovery."
As relief efforts evolve in the coming weeks and months, the remaining 50 million yen will be directed toward long-term recovery, including the rebuilding of homes, schools and other critical infrastructure.
In addition, Bank of America will match employee pledges to the ARC “Japan Earthquake/Pacific Tsunami Relief Fund” through the bank's Matching Gifts program, and will not limit its overall company donation.