BofA ramps up China expansion
America’s second largest bank wants to be among the Big Boys in China’s banking industry.
Bank of America Corporation, also the world’s largest wealth management firm, intends to add up to five branches in the next three years; expand investment banking and increase growth targets after doubling profits last year.
The goal of these moves, said Huang Xiaoguang, president of Bank of America NA China, is to make BofA one of the top players among China’s foreign wholesale banks in all metrics.
“We need to grow faster than our competitors to grab market share and stay ahead of them. What we achieved last year was significant, but we want to take it up a notch.”
China may become Bank of America’s largest revenue and profit contributor in Asia Pacific in two years, said Huang.
The bank is expected to set its growth sights on multinational firms, financial institutions and Chinese enterprises seeking overseas expansion. China opened its banking industry to overseas firms in December 2006