Bank of America is to open a new operations facility in Guangzhou, China, in anticipation of strong growth in the region. Guangzhou will become Bank of America’s second Asian operations hub after Hong Kong, and is scheduled to be operational by the end of 2003. Final staff numbers will depend on business growth, but are expected to exceed 100. Dennis Arnum, Head of Operations at Bank of America, Asia, said the bank needed to expand its operations capability in the region. ‘The average annual growth of our transactional banking volumes over the past few years have been over 20 per cent and we forecast a continuing growth trend.’ The facility will support the trade finance business generated from Bank of America’s Singapore and Hong Kong branches, plus some of the processing activity currently performed by the bank’s Asia Operations Center on behalf of its network of branches throughout Asia.
A report by broking group Marsh examines the repercussions from the administration of the South Korean company, which filed for bankruptcy protection at the end of August.
Global research by C2FO suggests that smaller businesses are less concerned with the repercussions of Brexit and the upcoming US presidential election.
A squeeze on skilled talent means it now takes an average of seven weeks to fill open permanent roles in finance in the UK according to new research from financial services recruitment firm Robert Half.
Early-stage merger and acquisition deals in Asia-Pacific show nearly 10% year-on-year growth in recent months.