Bank of America Corp
The bank's board recently approved a plan to seek local incorporation in China after months of discussions and delays. If granted, the local license would allow the largest U.S. bank by assets to expand its offerings in China, the report said.
Bank of America wants to do more commercial and corporate banking in China, in contrast to its retail-banking strength in the United States.
Several competitors have joint-venture arrangements allowing them to underwrite stock sales in China. J.P. Morgan Chase & Co
The visit by Moynihan, who became CEO at the start of this year, includes stops elsewhere in Asia and comes amid a transition in the bank's relationship with China Construction Bank <0939.HK> (CCB), in which it holds a minority stake.
Longtime Bank of America executive Gregory Curl, who is leaving the company at the end of the month, intends to give up his board seat at CCB, though the exact timing has not been determined, the report said, citing people familiar with the situation.
(Reporting by Valerie Lee; Editing by Anshuman Daga)