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Bank of America to be BOC shareholder
www.chinanews.cn 2005-04-06 13:28:54
Chinanews, Apr. 5 - The Beijing representative office of the Bank of
America revealed yesterday that the bank was considering investing US to
US billion in a large Chinese bank. An authority from the Bank of China
(BOC) also disclosed that it would probably cooperate with one of its
selected foreign shareholders--the Bank of America--on credit card
business. These signs indicate that the large Chinese bank in which the
Bank of America will invest is actually the BOC.
Ken Lewis, CEO of the Bank of America, made a statement in Hong Kong,
drawing great attention from the media. He said that the bank was
negotiating with a large Chinese bank about purchasing part of the
latter's shares, with an investment of US to US billion. This will be
regarded as part of further strategic cooperation between the two banks.
Lewis added that the investment would only be one part of strategic
cooperation and subsequent business cooperation would be the focus. He
expected that before China's financial industry completely opens to
foreign investors in 2006, the Bank of America, through equity
investments, can set up some enterprises that will bring profits and
meanwhile pave the way for its Chinese customers. After that, the Bank of
America will expand branches in China.
According to Lewis's statement, the Bank of America echoes Citibank and
HSBC in entering the Chinese market. Citibank teamed up with the Shanghai
Pudong Development Bank to jointly launch a co-branded credit card, and
HSBC, the largest Hong Kong-funded bank, got into the Mainland credit
card business by establishing a joint credit card company by obtaining a
19.9% share of the Bank of Communications, the 5th largest commercial
bank in China.
E-mail: zhangqinghua@chinanews.com.cn Tel: 8610-88387443 Fax:
8610-68327649
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