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皇冠体育app Construction Bank to open US branch

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

皇冠体育app 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 皇冠体育app, Bank of Communications, Industrial & Commercial Bank of 皇冠体育app and 皇冠体育app Merchants Bank.

With years of experience in overseas expansion, 皇冠体育app 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.