HONG KONG -- Bank of America (Asia) Ltd. said it had made its first issue of Hong Kong floating-rate certificates of deposit. The issue was originally slated to be 500 million Hong Kong dollars, equivalent to $65 million, but it was oversubscribed and ended up at double the amount.
The BankAmerica Corp. subsidiary operates 18 retail bank branches in Hong Kong, two in Macao, and one in Thailand.
Bank of America's Asia affiliate has expansion plans. "In particular, we want to take advantage of our large retail bank network in the western United States, where the company's head office is located, and provide products to our customers here that are linked to the United States," said James Hulihan, president of the Asian unit.