Governor Paterson Announces Largest Commerical Bank in China Opens Branch in New York State
Branch Opening Reinforces New York’s Position as Global Financial Capital
Industrial and Commercial Bank of China (ICBC) Opens Branch in New York City; Second Mainland Chinese Branch to be Licensed by New York State This Year
October 15, 2008
Governor David A. Paterson today announced that Industrial and Commercial Bank of China (ICBC), the largest bank in mainland China, is opening its first U.S. branch in New York City. This is the latest positive development for New York’s financial marketplace, following the announcement by Goldman Sachs to headquarter its new full-service banking operations in New York City.
“Once again, New York is proving itself to be the capital of global finance. When one of the largest banks in the world chooses New York City as their U.S. base of operations, it is a reminder of the role that our State plays in global financial markets,” said Governor Paterson. “We are very proud to have such a distinguished banking organization decide to locate their branch office in New York City and are eager to work with ICBC as they develop their business in the U.S. to support the growing trade between our countries.”
ICBC’s official opening comes in the same week as Goldman Sachs Group Inc. announced that it has applied to the New York State Banking Department to become a full-service, state-chartered bank, and will headquarter its U.S. commercial bank in New York City. Once approved, Goldman Sachs Bank USA will have approximately $150 billion in assets.
In September 2008, the New York State Banking Department awarded a license to ICBC to establish this branch in the U.S. Founded in 1984, ICBC has grown to be the largest bank in mainland China, and is the world’s largest bank by market capitalization. Since 1997, ICBC has had a representative office in New York, which is also licensed by the Banking Department.
New York State Superintendent Richard Neiman said: “This branch represents ICBC’s confidence in New York, its Banking Department, and in the U.S. economy. We are very pleased to welcome them to New York and look forward to supervising their banking activities as they continue to implement their growth strategy.”
In July, the Banking Department also awarded a license to China Merchants Bank (CMB), the sixth largest bank in China, to open the first new mainland Chinese branch in the United States in 17 years. CMB was the first branch of a bank from mainland China to open since the adoption of the Foreign Bank Supervision Enhancement Act of 1991.
ICBC was founded in 1984. It is China’s largest bank with shares traded in both Shanghai and Hong Kong stock exchanges. As of December 31, 2007, ICBC had a market value of $339 billion. It has branches and offices in China and 13 other countries with over 380,000 employees servicing the banking needs of 170 million individual customers and almost three million corporate customers. In 2007, ICBC’s net income increased 66 percent compared to the prior year. In 2007, ICBC won various honors such as Best Bank in China and Most Honored Corporation in China. More information about ICBC can be found on the bank’s Web site at www.icbc.com.
The New York State Banking Department currently licenses 136 foreign institutions, including branches, representative offices and commercial banks from more than 30 countries. Additionally, the Banking Department is the regulator for all state-chartered banking institutions, virtually all of the United States offices of international banking institutions, all of the State’s mortgage brokers, mortgage bankers, check cashers, money transmitters and budget planners. The aggregate assets of the depository institutions supervised by the Banking Department are more than $2.2 trillion.In addition to regulating banking institutions, the Banking Department is active in informing and educating all New Yorkers on banking matters. To contact the Banking Department, please call 1-877-BANK-NYS or visit our Web site at www.banking.state.ny.us.