Bank of America's Moynihan Goes to China
CHARLOTTE, N.C. (
) --
Bank of America
(BAC) - Get Report
CEO Brian Moynihan is making his first trip to China this week, a report says.
Bank of America is preparing to incorporate in China in order to pursue more business there, the
Wall Street Journal
reports. The bank wants to do more commercial and corporate banking in China, in contrast to its retail-banking strength in the U.S.
The visit by Moynihan comes amid a transition in the bank's relationship with
China Construction Bank
, in which it holds a minority stake.
Longtime Bank of America executive Gregory Curl, who is leaving the company at the end of the month, intends to give up his board seat at CCB, though the exact timing hasn't been determined, sources told the newspaper.
A CCB spokesman told the
Journal
he wasn't aware if Curl was leaving as a director.
The
Journal
notes several Bank of America competitors have joint-venture arrangements allowing them to underwrite stock sales in China.
JPMorgan Chase
(JPM) - Get Report
is close to such an agreement with a Chinese company.
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