While Bank of America sold its stake in 2013, it remains one of only eight U.S. banks permitted to locally incorporate in China, a privilege granted only with CCP approval.
The connections extend to Bank of America’s leadership. Maria Zuber and Lionel L. Nowell III, two board members, also serve on the board of Textron, an aviation company with deep operations in China.
Textron partnered with AVIC, a Chinese state-owned defense conglomerate sanctioned by the U.S. Treasury for aiding the People’s Liberation Army.
