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China Construction Bank opens first branch in the US

(Xinhua)
Updated: 2009-06-06 13:51

China Construction Bank Corporation (CCB), the world's second largest bank by market value, opened its New York branch on Friday.

The New York branch, CCB's first branch in the United States, extends CCB's global presence and marks a significant milestone in CCB's global strategy, said CCB's Chairman Guo Shuqing told Xinhua after the opening ceremony.

The establishment of CCB's branch in New York, the world's largest financial center, will significantly improve CCB's ability to provide worldwide services to its customers, he added.

The New York branch will engage in wholesale banking activities, including lending, acceptance of wholesale deposits, trade finance, US dollar clearing and treasury, according to the CCB.

As the initial operating platform in the United States, the New York branch will use CCB's extensive financial resources, robust global network and solid infrastructure to provide premium financial services to its clients, including multinational corporations and financial institutions.

Related readings:  Bank of America said to have sold CCB shares  CCB 2008 net rises 34% to 92.6b yuan  CCB to issue 80b yuan in subordinated bonds  CCB to give out 500-600b yuan in loans  CCB approved to buy 67% stake in Xingtai Trust

"The new branch will also enable CCB to better facilitate Chinese-American economic and trade investment and financial cooperation and will help CCB to make significant progress towards its vision of becoming a truly global bank," said the chairman.

CCB is one of the largest commercial banks in China, ranked second in terms of market capitalization among all listed banks in the world, and is among global industry leaders in terms of profitability.

Chinese Consul General to New York Peng Keyu, Deputy Mayor of New York City Robert Lieber, Superintendent of Banks of the New York State Banking Department Richard Neiman, CCB Chairman Guo Shuqing, CCB Vice President Fan Yifei and some 400 local guests attended the opening ceremony.