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China Construction Bank gets NY branch license

(Agencies)
Updated: 2009-02-19 12:00

China Construction Bank (CCB) Corp, the country's second largest bank, has won a license from the New York State Banking Department to operate a branch in New York.

Related readings:  CCB to raise 30b yuan via bonds  CCB says partnership with BoA unaffected  Construction Bank approved to set up London subsidiary  China Construction Bank approved to set up NY branch

CCB said the branch will accept wholesale deposits, and also engage in foreign exchange, lending, trade finance and other banking services. It expects to open the branch later this year.

Wei Li, who previously managed the company's Hong Kong, Singapore and Tokyo branches, is general manager of the New York branch. CCB also has branches in Frankfurt, Johannesburg and Seoul. The company said it has about $1.1 trillion in assets.

Bank of America Corp, the largest US bank, owns a 16.6 percent stake in CCB, reduced last month from 19.1 percent to raise capital.