<p>The new proposed business, which represents China's first joint agreement between a foreign investor and a Chinese bank to launch a financial leasing company, will combine Bank of America's leasing and risk management expertise with China Construction Bank's (CCB) market strength. <br /><br />Under the terms of the deal, Bank of America will acquire 24.9% of the new company, which is expected to be launched by early 2008. Both banks will have a board of director representative and be a part of the new company's senior management team.<br /><br />The company will initially focus on leasing new or used equipment and facilities to customers in China's power generation and transmission and rail industries. <br /><br />Kenneth Lewis, Bank of America chairman and CEO, said: This is another benefit of our close partnership with CCB. We are looking forward to further serving the growing Chinese market.</p>
