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China Merchants Bank Receives New York State Banking License : Paves the Way for Opening First U.S. Branch of a Chinese Bank in 17 Years
NEW YORK (Business Wire EON) July 14, 2008 -- CMB established a representative office in New York in 2002 and filed an application to establish a New York branch in 2007. The New York State Banking Department and the Federal Reserve Board of Governors approved the application in August and November 2007, respectively. CMB has completed all relevant legal procedures and has been deemed by the Department to have satisfied all requirements necessary for the banking license.
The presentation of the New York State banking license is a milestone in CMB's history. It marks the bank meeting a significant regulatory standard, as well as the enhancement of China's financial regulatory environment. Preparation for the opening of CMB's New York branch, which is expected later this year, is now underway.
"We recognize that international banks have options with respect to charter choice for their overseas locations and we are proud that China Merchants Bank has chosen New York State, making them the first Chinese bank branch licensed by the New York State Banking Department," said Richard H. Neiman, Superintendent of Banks for the State of New York. "New York has been, and continues to be, an international hub of finance. China Merchants Bank, as well as many other foreign institutions, have recognized this and 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 facilitate trade and other business activities between the United States and China by providing trade service, trade finance, dollar clearing and other services to businesses from both countries," said Hui Fang, the General Manager of the New York branch. "Our New York branch will continue to adhere to high standards of prudent and compliant management and operations as we commence business transactions. Our New York branch is an important part of CMB's overseas expansion strategy."
China Merchants Bank was founded in 1987 with its head office in Shenzhen, China. It is China's 6th largest bank by total assets with shares traded in both Shanghai and Hong Kong stock exchanges. As of December 31, 2007, CMB had total assets of $187 billion with 576 branches and offices across China with over 30,000 employees. It generated $3 billion net income in 2007.
CMB provides customers with various corporate and retail banking products and services, and conducts treasury activities for proprietary purpose and on behalf of our customers. CMB commands leading position in credit card, online banking and wealth management businesses in China.
In the recent years, CMB has received many domestic and international honors for its business performance, management capability and corporate culture.
For more information: http://english.cmbchina.com.
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