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.
Related Articles:
Chinese Businesses Offered Dedicated Start-Up Services to Launch into London Market
In partnership with Think London, the foreign direct investment agency for London, Avanta is offering Chinese companies looking to set up in the capital free office space at its Hammersmith business centre.
Ippie Design Jewelry Unveils New Shanghai Collection
Ippie Design's new line is unique and full of details.
Manufacture Product Or Import From China? - With One Child Or Two?
If only China knew decades ago of its future explosion in the global marketplace, it surely would hot have implemented a one-child policy as they have done over the past decades. Now Beijing is faced with a huge demographic challenge.
More than Just a Pretty Show: Chinese New Year Spectacular at Radio City February 14 - 17
New Year's Day comes twice this year when NTDTV once again brings its gala celebration of the Lunar New Year to Radio City Music Hall February 14-17.
NTDTV's Chinese New Year Spectacular has been touring North America since early January, but the show at Radio City takes the production to a new level with many of the performances making their world premiere, a 45-piece live orchestra in the pit and a company of over 200 dancers, vocalists, and instrumentalists on stage. See http://shows.ntdtv.com
China Business Expert Irv Beiman to Speak at XMei’s U.S.-China HR Conference
China represents a significant business market for U.S. companies—but HR practices do not readily translate from one country to the next. Dr. Irv Beiman will help companies who do business in China, or hope to, to understand and avoid the barriers to intercultural success.
Just What Is A Chinese Pregnancy Calendar?
A little history on the Chinese Pregnancy Calendar. One of the most wonderful, and exciting events any woman could ever experience would be her own pregnancy. The sheer joy of knowing that somebody lives inside that growing belly is a great source of unparalleled joy and happiness. This euphoric feeling is not only for the woman who is conceiving, but is shared by the father-to-be as well.
The Mystery of Chinese Royal Architecture
With vivid characteristics, Chinese royal buildings, especially the most
Search Marketing Expo Producer Third Door Media Teams with Timev Media to Produce Events in China
Conference and Expo events scheduled for Xiamen and Shanghai in 2008.
Mecmesin Opens Shanghai Office
Mecmesin, UK-based manufacturer of force and torque testing equipment, has announced the opening of a new international office in Shanghai, China.
Gender Prediction With The Chinese Birth Calendar
The Chinese Birth Calendar is such an amazing discovery that it is still used widely across the world as a way to predict the sex of your expected baby Although there are many ways to predict the sex of your child with rapidly increasing knowledge in the field of science, such as the use of modern ultrasound systems, the Chinese Birth Chart has been said to be as accurate as 99%
Beat Wrinkles Through Chinese Medicine
There are vital signs whether one is starting to age or grow old This includes gray hair, their age and wrinkles
"I Don't Think I'll Ever Forget This Performance ..." Chinese New Year Spectacular Touches Hearts of Tens of Thousands
Chinese New Year Spectacular Touches Hearts of Tens of Thousands. NTDTV (http://www.ntdtv.com) thanks New York City for a Wonderful 2007 Season. NTDTV's Chinese New Year Spectacular ( http://shows.ntdtv.com ) concluded a successful seven-performance 2007 run at Radio City on Saturday, the evening of February 17 to a full house and warm, positive feelings all around, setting the Chinese New Year of the Boar off to an auspicious start.
Car DVD Players From China On The Rise in 2008
With GPS, UPS plug-ins, In-car game systems and TV tuners car DVD's are set to be the big sellers of 2004, overtaking MP4's as the gadget that will capture the world's attention.
Alpha's Asia Hedge Fund 25: China's Hedge Fund Empire
Alpha's Asia Hedge Fund 25 Ranking Reflects China's Booming Equity Market
Chinese Horoscopes Much More Than An Animal
These days, when it comes to Chinese horoscopes most people know which of the 12 Chinese animals they are, based on the year they were born. However, nothing in life is ever that simple.