BoA and China Construction Bank ink reciprocal ATM deal

Source: Bank of America

The customers of Bank of America and China Construction Bank (CCB) will soon enjoy a benefit of the strategic alliance between the two banks.

As of April 1, 2006, Bank of America customers traveling to China will have free access when using debit or ATM cards to withdraw cash from more than 11,000 foreign-enabled CCB ATMs. CCB's "Happy Investor" cardholders will enjoy the same benefit when using one of nearly 17,000 Bank of America ATMs, the largest ATM network in the United States.

Last year, Bank of America became a 9 percent shareholder of CCB. Bank of America is the second largest banking company, and the largest consumer bank, in the United States.

"Our customers are now able to benefit from our partnership," said Kenneth D. Lewis, Bank of America chairman and chief executive officer, noting that half of Bank of America's ATMs have Chinese language capability. "China Construction Bank is building on its recent progress and success in strengthening its position as an international financial services provider."

"The successful operation of this project is a significant step for the strategic cooperation between CCB and BAC," said China Construction Bank Chairman Guo Shuqing. "It's the common goal of CCB and BAC to provide clients with first-class financial products and services."

In making a strategic investment in one of the fastest growing economies in the world, last June Bank of America began providing advice and assistance to CCB in such areas as governance, risk management, credit cards, consumer banking and treasury services designed to enhance the Chinese bank's performance.

CCB has 136 million active deposit relationships, a national network of 13,977 branches concentrated in the more economically developed areas, more than 15,000 ATMs, and a relationship with 92 of the top 100 enterprises in China. The bank is currently majority owned by China SAFE Investments Limited, an entity of the government of China.

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