Bank of America has appointed two senior managers in Shanghai to further expand its global treasury management business in that country. Emily Hua Ying has assumed the role of product manager, while Karen Chan Qing has been appointed head of sales for multinational corporations.
The newly created roles are part of a push by Bank of America to increase its presence in China - a strategy that will see staff numbers jump by more than 130 in the next 12 months.
The bank's regional manager of product in Asia, Daniel Tay, says the senior appointments were in response to growing market demand for cash management products. "Our clients are looking for global solutions which can be delivered locally in China. We have invested a significant amount in the development of infrastructure and connectivity in China. In fact about 50% of our Asian investment dollar has been spent in China over the past two years. Next year we expect this figure to exceed 55%."
Tay says: "This investment, coupled with an increase in personnel on the ground and our global footprint, will give us more muscle and expertise to meet our clients' needs."
Hua and Chan will be responsible for growing Bank of America's global treasury management multinational client business throughout China. They both bring extensive sales experience and an in-depth knowledge of cash management to their roles.
Chan has a 13-year banking career and most recently worked with Standard Chartered Bank where she was head of East China sales for multinational corporate banking. Hua was with Citibank for five years as a cash management sales manager based in Shanghai.
"Bank of America is delighted to welcome Ms Hua and Ms Chan to the global treasury management team in China," says Kathy Sifer, head of global treasury management for Asia "The appointments are part of our ongoing commitment to reorganize our business to meet the demands of our market and to place strong performers in key positions."