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China Construction Bank to open US branch

By Bi Xiaoning (chinadaily.com.cn)
Updated: 2008-12-09 16:08

China Construction Bank Corp yesterday got the green light from the United States Federal Reserve to open a branch in New York, which is the Chinese bank's first branch in America and seventh offshore.

The branch can operate a wholesale business in New York, including commercial deposits, loans, trade financing and foreign exchange trading.

So far, five Chinese banks have opened branches in the US. The other four are Bank of China, Bank of Communications, Industrial & Commercial Bank of China and China Merchants Bank.

With years of experience in overseas expansion, China Construction Bank has opened branches in Hong Kong, Singapore, Frankfurt, Johannesburg, Tokyo and Seoul. The bank also has two fully owned subsidiaries in Hong Kong and representative offices in London and Sydney. The bank now is preparing to open operating offices in the UK and Vietnam.