SAN FRANCISCO - Bank of America said it has received approval from the South African Reserve Bank to open a representative office in Johannesburg.

The $230 billion-asset bank said it plans to provide major corporate and correspondent bank clients with direct access to the emerging South African market.

Scheduled to open in January, the unit is Bank of America's first in South Africa. It will be managed by vice president John Osborne, who will also coordinate activities for the rest of Africa and the sub-Sahara.

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