Merrill Lynch is looking to boost its China presence, including a brokerage business, according to the firm's chief executive.
CEO John Thain in a visit to Beijing, told reporters that Merrill also needed to expand its wealth management and investment banking business in China, according to Reuters.
He said the company wants to expand its full range of businesses in the country. He added one of those opportunities includes obtaining a brokerage license.
He did not elaborate on whether Merrill was in talks with any local brokerages, the report stated.