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China Merchants Bank opens New York branch

(Xinhua)
Updated: 2008-10-09 09:40

China Merchants Bank, the sixth largest domestic lender, opened a New York branch on Wednesday.

It was the first branch of a Chinese bank to set up in the United States in 17 years.

The branch is targeting Chinese companies investing in America, US companies having branches in China and local companies dealing with Sino-US trade.

The US branches of two conglomerates, China International Marine Containers Co Ltd and China Ocean Shipping Company, have become the branch's first customers.

"Opening our branch in such a special time and place is sure to face more difficulties and challenges," said Merchants Bank president Ma Weihua.

"But we are confident of the long-term prospect of the US economy and its financial sectors, especially the bilateral trade and investment between our two counties. I am confident of our New York branch."

The bank, based in the southern boom city of Shenzhen, is listed on the Shanghai Stock Exchange. It had total asset worth 1.3 trillion yuan ($192 billion) through 2007.