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Fed approves Chinese bank CCB to open office in US
AFP
Tuesday, Dec 09, 2008
The US Federal Reserve said Monday it had authorized
China Construction Bank, a leading Chinese state bank, to operate
in the United States.
The proposed New York City branch of CCB "would engage in
wholesale deposit-taking, lending, trade finance, and other banking
services," the Fed said in a statement.
The US central bank recalled that China Construction Bank Corporation
(CCB) is 57.0 percent owned by the Chinese state, 19.7 percent
by US banking group Bank of America and 5.7 percent by Temasek
Holdings, a sovereign wealth fund owned by the government of Singapore.
The remainder of the capital is publicly traded.
CCB is the second-largest bank in China, with total assets of
approximately 1.1 trillion dollars, it noted.
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The Fed said it had determined that CCB had adequate anti-money
laundering safeguards and had committed to respect US laws on
money laundering.
CCB's own funds exceed the minimum set by the 1998 Basel Capital
Accord and "is considered equivalent to capital that would
be required of a US banking organization," the US central
bank said.
CCB would be the fourth mainland Chinese bank -- excluding banks
in Hong Kong -- to open operations in the US, after the Agricultural
Bank of China, the Bank of China and the Bank of Communications.
The Industrial and Commercial Bank of China (ICBC), China's top
bank, also has asked the Fed for authorization to open a branch
in New York.
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