China Operations Centre to Spur BoA Asia Expansion
Bank of America is to open a new operations facility in Guangzhou, China, in anticipation of strong growth in the region. Guangzhou will become Bank of America’s second Asian operations hub after Hong Kong, and is scheduled to be operational by the end of 2003. Final staff numbers will depend on business growth, but are expected to exceed 100. Dennis Arnum, Head of Operations at Bank of America, Asia, said the bank needed to expand its operations capability in the region. ‘The average annual growth of our transactional banking volumes over the past few years have been over 20 per cent and we forecast a continuing growth trend.’ The facility will support the trade finance business generated from Bank of America’s Singapore and Hong Kong branches, plus some of the processing activity currently performed by the bank’s Asia Operations Center on behalf of its network of branches throughout Asia.