China Construction Bank Obtains Approval to Establish New York Branch.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- The United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Federal Reserve Board today approved the application of China Construction Bank Corporation, a bank organized under the laws of the People's Republic People's Republic n. A political organization founded and controlled by a national Communist party. of China, to establish a state licensed branch in New York. The bank's application was previously approved by the New York State Banking Department on October 2, 2008. The New York branch will be the seventh overseas branch and is the first branch of the bank established in America. China Construction Bank, with total assets of approximately $1.1 trillion, is the second largest bank in China. The New York branch will engage in wholesale deposit-taking, lending, trade finance, foreign exchange and other banking services. The establishment of the New York branch will further improve the bank's global network, effectively improve client service capability, and facilitate trade and investment activities and financial cooperation between the United States and China. During recent years the bank designed its overseas development strategies and further accelerated the pace of its overseas business development. In addition to New York, the bank has branches in Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. , Singapore, Frankfurt, Johannesburg, Tokyo and Seoul; two wholly-owned operating subsidiaries An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. in Hong Kong; and representative offices in London and Sydney. The bank is also working towards the establishment of operations in the United Kingdom and Vietnam. The bank will continue its globalization globalization Process by which the experience of everyday life, marked by the diffusion of commodities and ideas, is becoming standardized around the world. Factors that have contributed to globalization include increasingly sophisticated communications and transportation strategy, improve its overseas network, and endeavor to provide integrated global quality financial service to achieve its target of being a first class international bank |
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