Bank of America chief keen on China expansion

Moynihan revealed few detail on lender's move that includes obtaining securities license over next several years.

Bank of America Corp. plans to expand its business in China and the rest of Asia, Chief Executive Officer Brian Moynihan said during his first visit to the region since taking over at the beginning of the year, but offered few details.

Bank of America has lagged many of its peers in building up its Chinese operations. It established a branch in the country in 2004, but other than a high-profile minority investment in 2005 in China Construction Banking Corp., China's second-largest bank by assets, it has received approval to handle only limited forms of lending and investment-banking since then.

Speaking to journalists in Beijing, Mr. Moynihan said his bank will work toward obtaining a securities license over "the next several years." That would allow Bank of America to join Goldman Sachs Group Inc., UBS AG, Credit Suisse Group and Deutsche Bank AG in being able to underwrite stock and bond sales in joint venture with a local Chinese partner.

He also confirmed that Bank of America will seek to locally incorporate its China operations, a process banks generally undergo in order to be allowed to offer retail business in the local currency.

View the full story in the Wall Street Journal.