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CCB gets London branch license

By Yang Zhen (chinadaily.com.cn)
Updated: 2009-03-20 17:53

China Construction Bank (CCB) Corp, the country's second-largest bank, has won a license from the UK's Financial Services Authority (FSA) to operate a branch in London, the lender said in a statement on Friday.

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CCB said the branch will accept wholesale deposits, and also engage in foreign exchange, lending, trade finance and other banking services. It expects to open the branch later this year.

CCB's New York branch received its license from the New York State Banking Department in February.

CCB also has branches in Frankfurt, Johannesburg and Seoul. The company said it has about $1.1 trillion in assets.

The lender's 2008 earnings report is due at the end of next week.