New York State Banking Department Issues Branch License to China Construction Bank
February 18, 2009
New York, NY: The New York State Banking Department today awarded a license to China Construction Bank Corporation to open a branch in New York, which is the Chinese bank’s first branch in America and its seventh overseas. China Construction Bank has had a representative office in New York since 1997, also licensed by the Banking Department.
“We recognize that international banks have options with respect to license choice for their overseas locations and we are proud that China Construction Bank has chosen New York State,” said Richard H. Neiman, Superintendent of Banks for the State of New York. “This further demonstrates that New York is an international hub of finance. China Construction Bank, as well as many other foreign institutions, has recognized this and the benefits of working with New York in their business endeavors, confirming New York as a leading global financial center.”
This will be the third Chinese bank to open a branch in the U.S. under a New York state license. The other two banks are China Merchants Bank and the Industrial & Commercial Bank of China.
China Construction Bank, with total assets of approximately $1.1 trillion, is the second largest bank in China. The New York branch will conduct wholesale business in New York, including commercial deposits, loans, trade financing and foreign exchange trading. The bank also has branches in Hong Kong, Singapore, Frankfurt, Johannesburg, Tokyo and Seoul.
The New York State Banking Department currently licenses 140 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.