NEW YORK (Business Wire) -- The United States Federal Reserve Board today approved the application of China Construction Bank Corporation, a bank organized under the laws of the People's Republic of China, to establish a state licensed branch in New York. The bank's application was previously approved by the New York State Banking Department on October 2, 2008. The New York branch will be the seventh overseas branch and is the first branch of the bank established in America.
China Construction Bank, with total assets of approximately $1.1 trillion, is the second largest bank in China. The New York branch will engage in wholesale deposit-taking, lending, trade finance, foreign exchange and other banking services. The establishment of the New York branch will further improve the bank's global network, effectively improve client service capability, and facilitate trade and investment activities and financial cooperation between the United States and China.
During recent years the bank designed its overseas development strategies and further accelerated the pace of its overseas business development. In addition to New York, the bank has branches in Hong Kong, Singapore, Frankfurt, Johannesburg, Tokyo and Seoul; two wholly-owned operating subsidiaries in Hong Kong; and representative offices in London and Sydney. The bank is also working towards the establishment of operations in the United Kingdom and Vietnam. The bank will continue its globalization strategy, improve its overseas network, and endeavor to provide integrated global quality financial service to achieve its target of being a first class international bank
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