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BANK OF AMERICA TO OPEN SECOND, FULL SERVICE BRANCH IN CHINA

 HONG KONG, Feb. 3 /PRNewswire/ -- Bank of America (NYSE: BAC) today received approval from the People's Bank of China to upgrade its Guangzhou Representative Office to a full service branch, making it the first U.S. bank to have a branch in Guangzhou. Bank of America also has a branch in Shanghai and a representative office in Beijing.
 The Guangzhou Branch will provide trade finance, payment and money transfer services, financial and investment advisory services, and trade and credit checking services, as well as U.S. dollar loans and guarantees.
 "The branch will be an important link in our global network, placing us in a much stronger position to facilitate the trade and capital inflows from our international customers, generally, and from Hong Kong, in particular, given its increasing economic integration with China's Guangdong Province," said Group Executive Vice President John Rindlaub, who is responsible for Bank of America's activities in Asia.
 Our interest in China is long term," Rindlaub said. "Upgrading our Guangzhou Representative Office to a full branch is another step in strengthening our franchise in the rapidly expanding China market, and very much in line with our positive outlook for economic development in the Asia-Pacific Region and, in particular, China."
 Rindlaub noted that The People's Bank of China has been very supportive in encouraging foreign bank participation in China's economic and financial reform programs and that, over the years, Bank of America has consistently expanded its commitment to the growing China market. Last year, Bank of America was among the first foreign banks licensed to operate branches in Shanghai, China's largest manufacturing and trading center.
 According to Senior Vice President Harry Garschagen, area general manager for the bank's Hong Kong, PRC and Taiwan activities, Bank of America is one of the pioneer foreign banks in China.
 "We operated a branch in Shanghai between 1949 and 1951. With the opening of China to the west in the 1970s, we were among the first U.S. banks to resume business relationships through the Bank of China and other Chinese financial institutions," Garschagen said. "Bank of America gradually stepped up its presence in China during the 1980s, opening representative offices in Beijing, Shanghai and Guangzhou. These offices have played an active role in facilitating the inflow of foreign investment and arranging financing for infrastructure and other joint venture projects."
 -0- 2/3/93
 /CONTACT: Jim Mitchell, San Francisco, 415-622-4314, or Kaori Ikegaya, Hong Kong, 852-841-1862, both of Bank of America/
 (BAC)


CO: Bank of America ST: California IN: FIN SU:

SG -- SF005 -- 2445 02/03/93 13:24 EST
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Publication:PR Newswire
Date:Feb 3, 1993
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