July 31, 2009

Bank of America plans China subsidiary-sources

HONG KONG/NEW YORK, July 30 (Reuters) - Bank of America Corp (BAC.N) plans to set up a wholly owned subsidiary in China to expand in the world's fastest-growing major economy, people briefed on the plan said.

The largest U.S. bank plans to expand its corporate and investment banking business, and offer wealth management services to tap rich Chinese financial consumers, according to the people, who requested anonymity because they were not authorized to discuss the plan.

Bank of America has set up a special internal workforce to complete plans to incorporate in China. It is expected in the next few months to formally apply to a Chinese banking regulator for a local incorporation license, the people said.

A Bank of America spokesman in Charlotte, North Carolina, declined immediate comment.

(Reporting by George Chen in Hong Kong and Elinor Comlay in New York; Editing by Lisa Von Ahn)

No comments: