Bank of America looks to expand in China

After selling one-third of its stake in China Construction Bank to raise needed capital, Bank of America appears to have some regrets. Today, news reports indicate Bank of America (BAC) plans to formally apply to Chinese banking regulators for a local incorporation license within the next few months.

Bank of America exited its retail banking business when it partnered with China Construction Bank four years ago. As part of that agreement, it can't re-enter the retail banking business in China. So, instead, reports indicate that it will focus on corporate lending and investment banking, as well as providing wealth management services for rich Chinese customers.