America is investing in the future of China’s leasing market
with a joint agreement between Bank of America Corporation and
China Construction Bank for a new business aimed at providing
leasing products for the Chinese market.
The proposed company, which is expected to be launched in early
2008, will focus on leasing new or used equipment and facilities to
customers in China’s power generation and rail industries.
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This new stand-alone entity will represent China’s first joint
agreement with a foreign investor.
Bank of America will acquire 24.9 per cent of the new company,
but both banks will have a board of director representation and be
part of the new company’s senior management team.
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By GlobalData
