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Thursday, February 5, 2015

EU looks to China to invest in its telecoms sector, (NYSE: BAC)

The European Union is looking to Chinese companies such as telecom equipment maker ZTE and Bank of China to take part in its 315 billion euros ($360 billion) investment plan to revitalise the bloc's stagnant economy. Executives from Chinese and European companies, including Finnish mobile games maker Rovio (IPO-RVEY.N) and China Mobile , met senior European Commission officials this week to explore greater cooperation in the hi-tech and telecoms sectors.The Commission's investment plan is designed to attract private money to improve infrastructure across the transport, telecoms and digital sectors and so not add to already high levels of public debt.The two sides agreed to encourage Chinese investments in European digital infrastructure through joint ventures and public-private partnerships, ChinaEU, the business association that organised the meeting, said in a statement on Thursday.Representatives from Bank of China, China's largest telecom carrier China Mobile and Bank of America Merrill Lynch were also present, according to people at the meeting.

Bank of America Corporation (Bank of America) is a bank holding company and a financial holding company. Shares of BAC traded higher by 1.58% or $0.25/share to $16.04. In the past year, the shares have traded as low as $14.37 and as high as $18.21. On average, 81245904 shares of BAC exchange hands on a given day and today's volume is recorded at 23659450.