The New York branch of Industrial and Commercial Bank of China Ltd (ICBC), the world's largest bank by market capitalization, was officially granted business license Tuesday.
"It is an exciting moment for our bank, since it marks an important milestone for our international business development," said Wu Bin, chief representative of the ICBC New York Representative Office, at the signing ceremony held in the New York State Banking Department.
In accordance with the business license, ICBC New York branch will engage in wholesale deposits, loans, trade finance, US dollar clearing, treasury and other banking businesses.
"We will make all our efforts to provide quality financial services to both Chinese and American clients," Wu said. The opening of ICBC's New York branch will provide one more bridge between China and the United States, and will contribute to the Sino-US commercial and financial exchanges, Wu added.
During his address at the ceremony, New York State Banking Superintendent Richard H. Neiman thanked ICBC for its confidence in the US economy and in New York City as the world financial center.
Neiman called the signing of the license "historic" given the financial turmoil the Wall Street is experiencing. He said this turbulent time actually also means opportunities for foreign banks, which the New York State Banking Department has always attached great importance to. He hoped the collaboration between his department and ICBC will stay strong and profitable in the years to come.
ICBC filed application to open branch in New York in April, 2007, and obtained official approval by the US Federal Reserve on August 5 this year. The ICBC New York branch is scheduled to start operation in October.