In Brief: B of A, Credit Suisse Issue Paper for Chinese Firm

BankAmerica Corp. and Credit Suisse First Boston have jointly arranged a $100 million U.S. commercial paper program for Chinatex Capitals Inc., a unit of the Chinese government-owned textile import/export corporation.

The nine-month issue is the sixth commercial paper program that BankAmerica has helped to arrange on behalf of a Chinese company.

It comes as part of a broader program by the bank to expand commercial paper programs for non-U.S. borrowers. In Latin America alone, the bank has arranged nearly $5 billion for Latin American borrowers. Elsewhere, the San Francisco-based bank has arranged U.S. commercial paper programs for National Bank of Pakistan and Istanbul-based Demir Bank and Turkeckonomi Bank.

Harry W. Garschagen, executive vice president in BankAmerica's corporate and Asia wholesale banking group, said his bank has "several more such deals in the pipeline."

He added that the increase in the number of programs depends mainly on Chinese government approval.

BankAmerica has been expanding its activities in China. This month it will open its third Chinese branch, in Beijing. It opened a Shanghai branch in 1991 and a Guangzhou branch in 1993.

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