Bank of America bets on 2007 China card venture

SINGAPORE - Bank of America (BAC.N: Quote, Profile, Research) plans to issue a joint Chinese credit card with partner China Construction Bank (0939.HK: Quote, Profile, Research) next year, part of an Asian expansion plan that will increase its regional staff by up to 20 percent in the next two years.

The No. 2 U.S. lender, which is planning a slow but steady entry to the region's roaring equity underwriting and M&A businesses, will join rivals Citigroup (C.N: Quote, Profile, Research) and HSBC (HSBA.L: Quote, Profile, Research) in the fast-growing but highly competitive Chinese cards market.

"I'd be disappointed if we didn't have something up and running sometime next year," Chief Executive Ken Lewis told Reuters on Sunday in an interview at its regional headquarters in Singapore.

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