The Largest Commercial Bank In China Takes NYC

[Mrs. Sharon B. Hodge]

The Chinese military incursion is not even here yet...




August 22, 2008 - ICBC becomes most profitable bank in world

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Chinese bank chooses NYC for first US branch
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The Associated Press
October 16, 2008

http://www. businessweek. com/ap/financialnews/D93RLGV00. htm

Gov. David Paterson says the largest commercial bank in China has chosen New York for its first U.S.
branch

Industrial and Commercial Bank of China will open the branch in Manhattan, giving the global financial hub a shot in the arm amid Wall Street's meltdown

There was no word on how many jobs might be created

Paterson says the bank is the largest in mainland China and its shares trade on the Shanghai and Hong Kong stock exchanges

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Chinese bank opening first U.
S branch in NYC
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The Business Review
October 16, 2008

http://www. bizjournals. com/albany/stories/2008/10/13/daily37. html

Gov.
David Paterson is touting two banking developments as proof that Manhattan can retain its identity as a hub of global finance—despite the ongoing shake-up on Wall Street and turmoil on the stock markets

Today, Paterson announced that the largest bank in mainland China will open its first U.S. branch in New York City. The announcement follows the news on Oct. 13 that Goldman Sachs Group Inc. is going to headquarter its U.S.
commercial bank in the city

“Once again, New York is proving itself to be the capital of global finance,” Paterson said in a statement. “When one of the largest banks in the world chooses New York City as their U.S.
base of operations, it is a reminder of the role that our state plays in global financial markets”

The Chinese bank, called Industrial and Commercial Bank of China, has shares traded in the Shanghai and Hong Kong stock exchanges.
At the end of last year, the bank had a market value of $339 billion

The bank has branches in 13 nations and serves 173 million clients.
It is the world’s largest bank, when ranked by market capitalization

Goldman Sachs, meanwhile, is seeking to turn its state-chartered trust company into a full-service, state-chartered bank called Goldman Sachs Bank USA.
As part of that move, Goldman Sachs will merge its Utah-based industrial loan company into the new headquarters in New York City

Goldman Sachs will become one of the nation’s 10 largest banks when the transition is completed

“New York is the hub for international finance and Goldman’s decision [on Monday] builds on a strong foundation,” Paterson said in a separate statement





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China Merchants Bank opens New York branch
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www. chinaview. cn
2008-10-08

http://news. xinhuanet. com/english/2008-10/08/content_10166545. htm

SHANGHAI, Oct.
8 (Xinhua) -- China Merchants Bank (CMB), the sixth largest domestic lender, opened a New York branch on Wednesday

It was the first branch of a Chinese bank to set up in the United States in 17 years

The branch is targeting Chinese companies investing in America, U.S. companies having branches in China and local companies dealing with Sino-U.S.
trade

The U.S branches of two conglomerates, China International Marine Containers. Co.
Ltd and China Ocean Shipping Company, have become the branch's first customers

"Opening our branch in such a special time and place is sure to face more difficulties and challenges," said CMB president Ma Weihua

"But we are confident of the long-term prospect of the U.S. economy and its financial sectors, especially the bilateral trade and investment between our two counties.
I am confident of our New York branch"

The bank, based in the southern boom city of Shenzhen, is listed on the Shanghai Stock Exchange. It had total asset worth 1.3 trillion yuan (191.8 billion U.S.
dollars) through 2007

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Top China bank opens Middle East subsidiary
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Gulf News
October 19, 2008

http://archive. gulfnews. com/business/Banking_and_Finance/10252895...

Dubai: The Industrial and Commercial Bank of China (ICBC) on Saturday announced the launch of its operations in the Middle East and North Africa region

ICBC (Middle East) is the first wholly-owned subsidiary bank established in the Middle East by any Chinese bank

"This launch also reflects that ICBC has successfully taken a major step towards expanding its overseas financial services offering and promoting its internationalisation strategy," the company said in a statement

Located in the Dubai International Financial Centre (DIFC), ICBC (Middle East) has been authorised to conduct the financial services listed under Category One, which covers the widest range of local financial operations

It includes accepting deposits, providing credits, trade finance, dealing in investments as principal, dealing in investments as agent, arranging credit or deals in investments, managing assets, advising on financial products or credit, arranging custody, etc

Since the 1950s, China and the UAE have been trading partners and in recent years, bilateral trade has witnessed sustained and rapid growth. In 2007, bilateral trade amounted to more than $20 billion (Dh73.
4 billion), an increase of 41 per cent over 2006

The UAE has become China's second largest trading partner and largest export market in the Arab world.
At the end of 2007, non-financial direct investment from Chin-ese enterprises in the UAE has amounted to $180 million, involving sectors such as petroleum and petrochemicals, telecommunications, trade, project contracting, logistics and real estate, while Chinese-funded companies registered in the UAE have topped 3,000

"ICBC Middle East is committed to building a more direct and accessible bridge for investment and trade activities between China, the UAE and other Middle East countries.
At the same time, ICBC (Middle East) will make full use of the geographic advantage and financial resources of the UAE and Qatar, and will gradually expand the scope of business to the entire Middle East and North Africa region," said Jiang Jianqing, Chairman of ICBC

As China's largest commercial bank, ICBC has a large client base, advanced IT platform and diversified products

Licence: SBI gets category 1

State Bank of India's branch, which started operations in Dubai International Financial Centre in January 2007, has recently obtained Category one licence from the Dubai Financial Services Authority (DFSA)

The branch can now accept deposits in foreign currencies like US dollars, euros, sterling etc from non-state markets.
Under its credit portfolio, the branch will provide non-dirham corporate credit

The branch will provide a whole range of corporate credit facilities such as working capital as well as trade finance, both fund-based and non-fund based term loans and project financing to name a few

- Staff Report