Bank of America CEO Moynihan Looks to Expand China Presence

Bank of America (NYSE:BAC) CEO Brian Moynihan said on Wednesday that the bank was looking to expand its foothold in China, Reuters reported.

The bank currently holds an 11% stake in China Construction Bank, the nation's second-largest lender and its board recently approved a plan to seek local incorporation in China following months of negotiations.

Moynihan is currently on his first trip to China since being appointed Chief Executive of the company.