China Banking Regulatory Commission (CBRC), the country's
banking watchdog, announced at a press conference on Friday that
China Merchants Bank had received approval from the US Federal
Reserve to open a branch in New York.
The Shenzhen-based bank, China's sixth largest bank, has become
the first Chinese bank allowed to set up a branch in the United
States since the US promulgated the law to strengthen supervision
on foreign-capital banks in 1991.
China's largest lender, the Industrial and Commercial Bank of
China (ICBC), will follow suit.
"The first step for ICBC to set up a US branch has been
approved. We expect good news after the third China-US
strategic?economic?dialogue?in December," said Lou
Wenlong, a director of the CBRC's supervisory department.
Although the China Merchants Bank has met with some barriers
before finally getting the approval, Lou still believed that it
will not take long for the ICBC to set up its US branch.
The ICBC's plan has been in the pipeline for two years. The bank
formally began the examination and approval procedures with the US
at the beginning of this year, according to Lou.
"The State of New York banking department has approved the
ICBC's New York branch application. The bank is now waiting for
approval from the US Federal Reserve," said Lou. "As long as the US
Fed remains open in its policy, China's qualified large banks are
all willing to set up operations there."
For more details, please read the full story in Chinese (
http://jjckb.xinhuanet.com/gnyw/2007-11/12/content_73518.htm).
(China.org.cn November 12, 2007)
