ABC gets green light for New York branch!

The Agricultural Bank of China Limited (ABC) has received approval from the Federal Reserve Board and New York Financial Services Authority to set up a branch in New York.
The approval for the New York branch follows the opening earlier this year of a subsidiary in the UK and a branch in Seoul.

It is also a new milestone for the firm in that it is ABC’s first operating institution in the Americas.

The New York branch will cater to the needs of local customers and enterprises seeking to expand intenationally with wholesale banking services.

The UK subsidiary was set up in February of this year, and was the Chinese financial institution’s first overseas subsidiary as well as being its first foray into Europe.


Source:
bankingtimes.co.uk