Given the banking industry's domestic woes, it's no surprise more banks are aiming for overseas growth. This is hardly news. Among others, Citigroup has gotten some favorable analyst coverage recently for its potential in overseas markets, which the bank is counting on as a crucial offset.

One of the hottest areas of competition is Asia. JPMorgan is moving fairly aggressively to tap the opportunity.

The firm plans to invest one third of its intended $100 million global investment in Asia, "with as many as 300 bankers dedicated to its global corporate bank," notes FinanceAsia. JPMorgan's point person is none other than Heidi Miller, who was recently named to a new position, president of international banking.

Bank of America intends to use its Merrill Lynch assets to go after the region. But there will be no shortage of competition from local banks, regional banks and European banks. Already, this is affecting the market.

"Asian corporates have had no trouble accessing liquidity during the past two years," reports FinanceAsia. "Borrowing is up as much as 50 percent in China and double digits elsewhere in the region, and bankers report that excess liquidity in the market has pushed pricing to very low levels."

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