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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Fed approves Chinese bank CCB to open office in US AFP - 2 hours 46 minutes ago WASHINGTON (AFP) - - The US Federal Reserve said Monday it had authorized China Construction Bank, a leading Chinese state bank, to operate in the United States. The proposed New York City branch of CCB "would engage in wholesale deposit-taking, lending, trade finance, and other banking services," the Fed said in a statement. The US central bank recalled that China Construction Bank Corporation (CCB) is 57.0 percent owned by the Chinese state, 19.7 percent by US banking group Bank of America and 5.7 percent by Temasek Holdings, a sovereign wealth fund owned by the government of Singapore. The remainder of the capital is publicly traded. CCB is the second-largest bank in China, with total assets of approximately 1.1 trillion dollars, it noted. The Fed said it had determined that CCB had adequate anti-money laundering safeguards and had committed to respect US laws on money laundering. CCB's own funds exceed the minimum set by the 1998 Basel Capital Accord and "is considered equivalent to capital that would be required of a US banking organization," the US central bank said. CCB would be the fourth mainland Chinese bank -- excluding banks in Hong Kong -- to open operations in the US, after the Agricultural Bank of China, the Bank of China and the Bank of Communications. The Industrial and Commercial Bank of China (ICBC), China's top bank, also has asked the Fed for authorization to open a branch in New York. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy Japan's recession worse than thought: official dataAFP - 20 minutes ago CBH says consdering Perilya-China share dealReuters - 32 minutes ago China's Chery has no plan to buy U.S. auto assets-paperReuters - 45 minutes ago NZ govt to cut taxes, spend more to beat recessionReuters - 1 hour 15 minutes ago Related Articles: Business Japan's recession worse than thought: official dataAFP - 20 minutes ago Morgan Stanley, Merrill chiefs give up bonusesAP - 29 minutes ago CBH says consdering Perilya-China share dealReuters - 32 minutes ago H&R Block reports smaller 2Q lossAP - 33 minutes ago Japan mulling $216 bln economic package - YomiuriReuters - 34 minutes ago Enlarge Photo Fed approves Chinese bank CCB to open office in US Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Financial crisis tipped to cut cost of air travel Climate change: Sci-fi solutions no longer in the margins Oil price falls below $40 Stocks take flight on prospects for anti-recession moves Vinnie Jones gets into bar fight over role in X-Men View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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