Bank of America plans Asian expansion through its own unit in China

Bank of America unveiled its plans to establish a wholly owned subsidiary in China targeting to expand into the Asian economy. Thereby, the Bank wants to build up its corporate and investment business, and also to offer wealth management services to Chinese clients.

In compliance with the Chinese regulations, foreign banks must find a local partner establishing investment banking companies to manage activities such as underwriting shares and debt issuance for local companies.

So, BofA will apply to Chinese government for a local incorporation license in the following months and has already create a special working group to facilitate the new venture.