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US approves Chinese bank to open NY branch
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The US Federal Reserve on Thursday approved an application by China Merchants Bank (CMB) Co. to open a branch in New York.

 

The Shenzhen-based bank, with total assets of approximately US$145.6 billion, is the sixth largest bank in China.

 

CMB engages primarily in corporate and retail banking and treasury operations throughout China and operates a branch and an investment advisor subsidiary in Hong Kong.

 

CMB also has a representative office in New York.

 

The proposed New York branch would engage in wholesale deposit-taking, lending, trade finance, and other banking services, the Fed said in a statement.

 

(Xinhua News Agency November 9, 2007)

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