China Merchants Bank opens representative office in New York
( 2003-10-10 00:32) (Xinhua)
The first representative office of China Merchants Bank (CMB) has opened in
New York, in a landmark move of Chinese banks in the international finance
market.
It is also the first representative office of a Chinese business bank
authorized by the US banking regulatory structure since 1996.
CMB has intended to set up a representative office in the United States since
1999 and made great efforts in its applications under both Chinese financial
regulations and the US laws.
"The procedure of applying was full of joy and bitterness," said an employee
of CMB. "It was a rigid, strict test for the overall operation and management of
CMB in compliance with internationally recognized rules."
In all, three Chinese commercial banks have opened their branch offices in
the US.
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