Bank of America Corporation and China Construction Bank today announced an agreement to jointly enter into a new leasing business aimed at providing innovative leasing products for the rapidly growing Chinese economy.
The new stand-alone entity will be China’s first joint agreement between a foreign investor and Chinese bank to launch a financial leasing company. The new business will combine Bank of America’s leading leasing and risk management expertise with China Construction Bank’s (CCB) market strength.
Bank of America will acquire 24.9 percent of the new company, which is expected to launch by early 2008. Both banks will have board of director representation and be a part of the new company’s senior management team.
“This is another benefit of our close partnership with CCB,” says Kenneth D. Lewis, Bank of America chairman and chief executive officer. “We are looking forward to further serving the growing Chinese market.”