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The Bank of America and AsiaAlthough the Bank of America recently attracted widespread negative press for the alleged mishandling of home foreclosures in the United States, 2010 has been a year when the bank renewed its interest in the emerging economies of Asia.
Bank of America, the largest consumer bank in the United States of America in terms of assets, is looking to expand its comparatively small international business, particularly in Asia, and also beefed up its staff this spring in Asia by hiring new executives.
Charles Alexander, who joined Bank of America from Standard Chartered in Hong Kong, started in June as head of Asia Pacific corporate banking coverage.
Percy Batliwalla joins in May as head of financial institutions treasury sales in Asia Pacific and will be based in Singapore. Mr. Batliwalla was hired from JPMorgan Chase.
Tim Fleming will take over as head of Asia Pacific corporate treasury sales beginning in May and will be based in Hong Kong. Mr. Fleming is a former Citigroup executive.
Bank of America ousted UBS AG as the world’s biggest wealth manager in 2008 after buying Merrill Lynch & Co., and retained its top position in 2009, according to London-based research firm Scorpio Partnership. Wealth management is a prime target for the bank’s activity in Asia.
In today’s news, Mizuho Financial Group Inc., Japan’s third-biggest bank, agreed to buy a 2 percent stake in BlackRock Inc. for $500 million, including shares sold by Bank of America Corp., according to two people briefed on the transaction.
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