Apr
25
BofA’s Big Plans for China Don’t Include Investment Banking
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China will soon allow foreign firms to own majority of JVs
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BofA is said to focus on expanding debt services in China
Amid all the excitement about China’s plan to open up its securities market, one U.S. banking giant is playing it cool.
Deterred by what it sees as uncertain profit opportunities, Bank of America Corp. has no near-term plans to follow the seven foreign firms — from Goldman Sachs Group Inc. to Credit Suisse Group AG and Citigroup Inc. — that have set up securities joint ventures on the mainland, a person with knowledge of the bank’s strategy said. China plans to allow foreign firms to take majority stakes in securities JVs this year…
