Bank of America to Apply to Set Up Brokerage Unit in China
- U.S. bank plans to apply for licenses to trade, underwrite
- Lender lags behind JPMorgan, Goldman in China expansion
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Bank of America Corp. is planning to apply to set up a securities firm in China, joining a push by rivals including JPMorgan Chase & Co. and Goldman Sachs Group Inc. into the $54 trillion financial market.
The bank aims to apply for regulatory approval early next year, people familiar with the matter said, asking not to be named discussing a private matter. It plans to submit applications for licenses allowing it to trade and underwrite stocks and bonds as well as hedge risk, one of the people said. The timing is subject to change. A spokesman for the lender declined to comment.