Bank of America has announced the opening of a new operations hub in southern China's city of Guangzhou, making it the number two hub for Asian operations after Hong Kong.
The centre will process trade finance business generated by the bank's Singapore and Hong Kong branches, plus some of the processing activity currently performed by its Hong Kong hub on behalf of its network of regional branches.
The centre is scheduled to be operational by the end of 2003 and will employ about 100 local staff. That means there will be about 60 people made redundant in Hong Kong and another eight in Singapore.
Head of operations for Bank...