Bank of America is expanding its offshore operation in India by opening a facility in Mumbai that will provide services for its corporate and investment banking division.
According to local press reports, the second unit will be open by the summer. Staff at the facility will conduct market research and prepare presentations for executives at BoA's corporate banking division.
Bank of America set up an offshore subsidiary in Hydrabad last year. At the time the bank said it chose to form a subsidiary rather than outsource work to other firms because it offers greater protection of its intellectual property. The bank later reserved adjacent land at the Hyderabad site for future development.
Following the opening of the new unit, the bank's combined operations in India will employ 1500 by the end of the year.