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China Construction Bank opens New York branch

Published: 07 Jun 2009 23:33:54 PST

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Jun. 8, 2009 (China Knowledge) - China Construction Bank Corp (CCB)<601939><0939>, one of the Big Four state-owned banks in China and the world's second-largest lender by market value, on Friday opened a branch in New York branch, its first branch in the U.S., as part of its efforts to expand its global presence, the Shanghai Daily reported.

The establishment of CCB's branch in New York, the world's largest financial center, will not only greatly promote the Chinese lender's ability to offer services to global customers but will also enable CCB to better facilitate the economic and financial cooperation between China and the U.S., which is China's second largest trade partner, the third biggest export destination and the largest import source, said Guo Shuqing, chairman of CCB, at the opening ceremony of the new branch.

CCB, which opened its London Branch on Jun. 1, said that the New York branch will be mainly engaged in such wholesale banking activities as lending, acceptance of wholesale deposits, trade finance and U.S. dollar clearing.

The lender also stated that the new branch will take advantage of CCB's extensive financial resources, robust global networks and solid infrastructure to offer premium financial services to multinational corporations and financial institutions, but will not offer retail services.

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