China Construction Bank enters US market with its first branch

08 June 2009

China Construction Bank Corporation (CCB), the world's second largest bank by market value, has opened its first barnch in the US in New York.

The CCB said, the banks New York Branch will plans to undeertake wholesale banking, including lending, acceptance of wholesale deposits, trade finance, US dollar clearing and treasury.

CCB's chairman Guo Shuqing said that the United States is one of China's most important trade and economic partners, and China is currently the United States' second largest trading partner and 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.

"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 said CCB's Chairman Guo Shuqing

Until now, five Chinese banks have opened branches in the US. The other four are Bank of China, Bank of Communications, Industrial & Commercial Bank of China and China Merchants Bank.

CCB has overseas branches in Hong Kong, Singapore, Frankfurt, Johannesburg, Tokyo and Seoul.