New York Banking Department Announces Branch License Awarded to Shizuoka Bank
December 2, 2008
New York, NY: Richard H. Neiman, Superintendent of Banks, announced today that the Banking Department awarded a license to Shizuoka Bank Ltd., the third largest regional bank in Japan, to maintain a foreign branch office in New York City. Shizuoka Bank will be converting its existing state-licensed agency at 600 Lexington Ave. into the branch office.
“We recognize that international banks have options with respect to charter choice for their overseas locations and we are proud that Shizuoka Bank has chosen to remain with New York State,” said Richard H. Neiman, Superintendent of Banks for New York State. “New York has been, and continues to be, an international hub of finance. Shizuoka Bank, as well as many other foreign institutions, recognize this and appreciate the benefits of working with New York in their business endeavors, confirming New York as a leading global financial center.”
The New York branch will continue all of the operations presently being conducted by the existing agency, which was originally established in 1989. These activities include: making short- and long-term loans; making deposits to financial institutions and investing in securities. In addition to these services the branch will participate in taking wholesale deposits, trade finance and foreign exchange.
Shizuoka Bank, founded in 1943, is the 13th largest Japanese bank, and the third largest Japanese regional bank in terms of total assets. As of March 31, 2008 Shizuoka had $90.8 billion in assets with 197 branches and offices operating in Japan.
The New York State Banking Department currently licenses 131 foreign institutions, including branches, representative offices and commercial banks from more than 30 countries.
The New York State 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.