Banking News
- U.S. Federal Reserve approves CMB to open NY branch
Date: 9-Nov-2007 Sources: (Xinhua Online)
WASHINGTON, Nov. 8 (Xinhua) -- The U.S. Federal Reserve on Thursday approved an application by China Merchants Bank (CMB) Co. to open a branch in New York.
The Shenzhen-based bank, with total assets of approximately 145.6 billion U.S. dollars, is the sixth largest bank in China.
CMB engages primarily in corporate and retail banking and treasury operations throughout China and operates a branch and an investment advisor subsidiary in Hong Kong.
CMB also has a representative office in New York.
The proposed New York branch would engage in wholesale deposit-taking, lending, trade finance, and other banking services, the Fed said in a statement.
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