Bank of America CEO Moynihan is pictured at the congress centre of Davos during the WEF
Michael Buholzer  /  REUTERS
Brian Moynihan, CEO of Bank of America is pictured at the congress centre of the Alpine resort of Davos, the venue of the World Economic Forum (WEF), January 30, 2010. REUTERS/Michael Buholzer
updated 3/21/2010 9:35:42 PM ET 2010-03-22T01:35:42

SINGAPORE (Reuters) - Bank of America Corp Chief Executive Brian Moynihan is making his first trip to China this week as the U.S. lender pushes to catch up with rivals in the world's fastest-growing economy, the Wall Street Journal reported, citing people familiar with the situation.

The bank's board recently approved a plan to seek local incorporation in China after months of discussions and delays. If granted, the local license would allow the largest U.S. bank by assets to expand its offerings in China, the report said.

Bank of America wants to do more commercial and corporate banking in China, in contrast to its retail-banking strength in the United States.

Several competitors have joint-venture arrangements allowing them to underwrite stock sales in China. J.P. Morgan Chase & Co . is close to such an agreement with a Chinese company.

The visit by Moynihan, who became CEO at the start of this year, includes stops elsewhere in Asia and comes amid a transition in the bank's relationship with China Construction Bank <0939.HK> (CCB), 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 has not been determined, the report said, citing people familiar with the situation.

(Reporting by Valerie Lee; Editing by Anshuman Daga)

Copyright 2012 Thomson Reuters. Click for restrictions.


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