BofA's Big Plans for China Don't Include a Securities Venture [Bloomberg Business News]
Bank of America Corporation (BAC)
Last bank of america corporation earnings: 4/15 06:45 am
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Source: Bloomberg Business News
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. Global investment banks have spent years operating with limitations in China as they waited for an opportunity to become majority owners, a shift that could motivate them to step up expansion there. With the impasse finally at an end, at least three foreign firms are planning to increase their stakes. Securities firms in China raked in a combined $50 billion of revenue last year, official data show. Read more about Goldman’s
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