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Fed approves ICBC to establish branch in New York

(Xinhua)
Updated: 2008-08-06 17:26

The Industrial and Commercial Bank of China Ltd (ICBC), the world's largest bank by market capitalization, was officially approved by the Federal Reserve Board Tuesday to establish a branch in New York.

"This marks an important milestone in the process of globalization for the ICBC," said Wu Bin, the fifth chief representative of the ICBC New York Representative Office, which was established 11 years ago.

In accordance with the Federal Reserve Board Order, the New York Branch of ICBC primarily engages in wholesale commercial banking business.

After establishment, the New York Branch will become the bank's business platform in the United States, actively develop its business within the permissible scope of business, provide high quality financial services to its customers, and promote trade, science and technology, and cultural exchange between the two countries, said the ICBC in a statement.

In October 2006, the ICBC succeeded in its shareholding restructuring and IPO, its business has developed rapidly with effective and appropriate risk controls.

The approval of its application to establish a branch in the city of New York will enable the bank to accelerate its global operating strategy and will also help to upgrade the competitiveness and influence of China's financial industry in global financial markets, said the ICBC.