|
CHINA / National |
US Fed approves China Merchants Bank to open NY branch(Xinhua)
Updated: 2007-11-09 09:47 WASHINGTON -- The US 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 US$145.6 billion, 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. |
|