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.
(Xinhua News Agency November 9, 2007)
