NEW YORK ( TheStreet) -- Bank of America ( BAC) is planning to establish a subsidiary in China, a report says.

The bank plans to build up its corporate and investment banking business, and offer wealth management services to tap wealthy Chinese consumers, Reuters reports, citing people briefed on the plan.

Bank of America likely will apply formally to a Chinese banking regulator for a local incorporation license in the next few months. It has set up a special internal group to complete the plans, the people said, Reuters reports.

It's unclear how much Bank of America, the largest bank in the U.S., would invest in its China incorporation, the report said.

A Bank of America spokesman declined to comment for Reuters.

-- Reported by Joseph Woelfel in New York.

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