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Bank Of America To Close China Retail Operations
February 21, 2006 | By ChinaRetailNews.com Editor |
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Bank of America is next month shutting down its one retail banking branch in China.
The bank says that it needs to fulfill its pledge to new partner China Construction Bank not to have competing businesses.
The branch is currently located in Shanghai, and current banking customers have the option of closing their accounts or transferring them to China Construction Bank.
According to an agreement signed between the banks, Bank of America will afterwards transfer its retail operations to China Construction Bank.
Bank of America last year acquired a 9% stake in the China Construction Bank, China's second-largest commercial bank, for US$3 billion.
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