Bank of America Corp is planning to seek
approval to expand its operations in China beyond its current
financial activities, which include leasing.
For several years the bank has received
approval to handle limited forms of lending and investment banking.
Bank of America executives are discussing the need to incorporate
locally in China, the Wall Street Journal today
reported.
Go deeper with GlobalData
The Charlotte-based bank, which entered the
world’s fastest growing country six years ago, has planned joint
ventures in equipment leasing with China Construction Bank since
2005, and has also offered various advisory services to the second
largest bank in China.
This arrangement was set up in 2005 in
exchange for BoA gaining an equity stake in the Chinese bank.
Bank of America is
more likely to pursue commercial business, rather than
the retail banking that is one of its strengths in the US, the
Wall Street Journal article stated.
Also, it was reported today by Thomson
Reuters that Sumitomo Mitsui Banking Corp. was the leading
foreign-affiliated financial institution in China in terms of
syndicated loan amounts last year.
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By GlobalDataOver recent months SMBC has granted loans to a
leasing company in China, a Japanese construction machinery maker,
and a major real estate firm.
Brendan Malkin
