The launch of the credit card, which is expected sometime next year, is part of the US lender’s Asian expansion plan which, according to Reuters, will increase its staff in the region by up to 20% in the next two years.
According to Bank of America CEO Ken Lewis, as quoted by Forbes, the bank is seeing its revenues from Asia increase by around 20% per year, while the increase in China is closer to 40% per year.
Mr Lewis is also reported to have dismissed speculation that Bank of America is looking to establish a European bank through acquisitions.
Bank of America bought a $3 billion stake in China Construction Bank last year, and in August agreed to sell its Hong Kong business, comprising of 16 branches, to Construction Bank for approximately $1.2 billion.
