Money

BOCOM expands wholesale business in US

(Xinhua)
Updated: 2011-04-11 10:05

NEW YORK - China's Bank of Communications (BOCOM) said on Sunday that the bank will broaden its wholesale services in the United States to include deposit-taking, lending and trade finance.

Hao Xiaohui, general manager of BOCOM's New York Branch, said that the Federal Reserve Board had approved BOCOM's application to establish a branch in San Francisco, California.

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"BOCOM will expand its wholesale business in the U.S. and will meet all requirements for a qualifying foreign banking organization under Regulation," said Hao, adding that the proposed San Francisco branch would engage in wholesale deposit-taking, lending, trade finance, and other banking services.

As a limited branch, it would be prohibited from accepting deposits from sources other than those permitted.

BOCOM, with total assets of approximately $599 billion, is the fifth largest bank in China. It engages primarily in corporate and retail banking and treasury operations throughout China, including Hong Kong and Macau.

Outside China, BOCOM operates branches in Japan, Singapore, South Korea, and Germany and a representative office in Britain. In the United States, BOCOM operates a federal branch in New York.