(16 March 2010 – China) The Bank of America (BoA) is reportedly planning to expand its operations in China, possibly in an effort to revive the investment banking franchise of Merrill Lynch acquired during the global financial crisis.The Wall Street Journal reported, citing people familiar with the plans, that the bank is considering incorporating locally in China, which would mean it would have to inject new capital into its Chinese unit.
However, the bank would be more likely to bulk up its commercial business in China instead of its retail banking business, the Wall Street Journal reported.
Recently the Bank of America has embarked on a major hiring spree across Asia, aiming to expand in the fast growing region.
The talk of the possible expansion in the region is a welcomed relief for Merrill Lynch investors in Asia, who thought their new owner would focus its attention in its domestic market.