The two banks merged in 1928 and consolidated with other bank holdings to create what would become the largest banking institution in the country.[3] In 1986, Deutsche Bank AG acquired 100% of Banca d'America e d'Italia, a bank established in Naples in 1917 following the name-change of Banca dell'Italia Meridionale with the latter established in 1918.[citation needed] In 1918, another corporation, Bancitaly Corporation, was organized by A. P. Giannini, the largest stockholder of which was Stockholders Auxiliary Corporation.[3] This company acquired the stocks of various banks located in New York City and certain foreign countries.[3][4] In 1918, the Bank opened a Delegation in New York in order to follow American political, economic and financial affairs more closely.[3] In 1928, Giannini merged his bank with Bank of America, Los Angeles, headed by Orra E. Monnette.