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Bank of America, the third-largest bank in the United States by assets, opened its first consumer and commercial banking center in Shanghai on March 1, marking its first expansion into retail banking in China.
"This is the first time that the Bank of America brand being shown to the general public in China on street level since we established our first representative office in Beijing 23 years ago," said Sam Tsien, executive of the bank's Asia Consumer and commercial Banking Group, at the opening ceremony of the new branch.
Located on Nanjing Zhonglu in downtown Shanghai, the new center offers personal banking services in US dollars including deposits, mortgages, wealth management and electronic banking.
Its commercial banking services include lending, trade finance and deposits.
"China's enormous consumer market makes it highly attractive for Bank of America to expand its consumer and commercial activities here," said Eugene Taylor, president of Bank of America's Consumer and Commercial Banking.
Tsien added that with the increased integration of the Chinese mainland, Hong Kong and Macao economies, the bank's expanded presence allows it to offer regional banking services and solutions to customers in the region.
"Given the continued economic development of the China market and the potential it offers, we will evaluate further business opportunities in other cities where our target customers reside," he added.
"As China continues to grow its economy, deregulate the financial services industry and permit foreign banks to offer additional services, Bank of America will undoubtedly expand its service offerings and consider further growth," Taylor said.
In January, the bank appointed two senior managers in Shanghai to further expand its global treasury management business in China. Staff number will jump by more than 130 this year.
Daniel Tay, the bank's regional manager of products in Asia, was quoted as saying that about 50 percent of the bank's Asian investment dollars has been spent in China in the last two years. "Next year, we expect this figure to exceed 55 percent," he said.
(China Daily March 2, 2004)
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