Bank of America to open representative office in Dalian, China.

HONG KONG--(BUSINESS WIRE)--Nov. 22, 1994--Bank of America has received approval from the People's Bank of China to open a Representative Office in Dalian, Liaoning Province. It is the first U.S. bank to receive approval for a representative office in this important commercial and trading city.

Bank of America currently has full-service branches in Shanghai and Guangzhou and a representative office in Beijing.

Located in Room 403, Dalian Xu Yuan Hotel, the Dalian office will provide business liaison, information and assistance to Bank of America customers who are interested in doing business with northeast China.

"The Dalian office is an important link in our global network, expanding our coverage of banking services to our customers doing business in, and with China," said Group Executive Vice President Kai Nargolwala, head of Bank of America's wholesale banking activities in Asia. "Our strategic presence along the China coastline would not have been complete without an office in Dalian." "We appreciate both the support the People's Bank of China has given Bank of America and the confidence it has shown in our global strength and capabilities," said Nargolwala.

Executive Vice President Harry Garschagen, regional manager responsible for Hong Kong, China, Taiwan and Korea, said Bank of America has demonstrated a consistent commitment to China over the years. It operated a branch in Shanghai between 1949 and 1951, and was among the first U.S. banks to resume business relationships through the Bank of China as early as the 1970s.

In the 1980s, Bank of America opened representative offices in Beijing, Shanghai and Guangzhou. The Shanghai office was upgraded to full branch in 1991 and the Guangzhou office in September 1993.

"We intend to expand our presence in China by opening offices in most of the major centers of finance, trade and commerce, cities like Dalian, to the extent permitted by the People's Bank of China," said Garschagen.

CONTACT: Bank of America

              Kaori Ikegaya, [phone] - Hong Kong
              Jim Mitchell, [phone] - San Francisco