(Reuters) – Bank of America Corp (NYSE 🙂 plans to apply to establish a Chinese securities company as part of its expansion strategy into China’s burgeoning market for financial services, Bloomberg News reported Monday, citing sources familiar with the matter.

The report said that Bank of America expects to obtain regulatory approval by the beginning of next year. It also plans to file applications for licenses which will permit it to trade or underwrite bonds and stocks, as well.

China’s rules allowed global banks to conduct fully-controlled business operations in China last year.

JPMorgan Chase, NYSE:), was approved by Beijing as the first foreign proprietor of a Chinese brokerage. Goldman Sachs, NYSE:, received the approval of Chinese regulators in October to assume full control of the mainland securities business.

China’s capital market expansion has driven Western banks to increasingly look towards China, driven in part by the lucrative underwriting fee on bond and equity transactions. Full ownership of business units will allow banks to expand their operations in the multi-trillion-dollar Chinese financial sector.

China announced in July it would not restrict foreign banks or insurance companies from entering the market, in order to encourage more foreign investment.