Gov. Paterson says that this move is the latest positive development for Manhattan's financial marketplace. "Once again, New York is proving itself to be the capital of global finance," he says in a prepared statement. "When one of the largest banks in the world chooses New York City as their US base of operations, it is a reminder of the role that our State plays in global financial markets."
ICBC's official opening comes in the same week as Goldman Sachs Group Inc. revealed that it has applied to the New York State Banking Department to become a full-service, state-chartered bank, and will headquarter its US commercial bank in New York City. Once approved, Goldman Sachs Bank USA will have approximately $150 billion in assets.
According to an ICBC statement, the branch is located in Trump Tower, Fifth Avenue. It will engage in wholesale deposits, loans, trade financing, US dollar clearing, treasury and other banking businesses. "As a platform for ICBC's businesses in the US, the branch will take advantage of the funds, network, and technology provided by ICBC head office, and provide comprehensive banking services for clients, multinational corporations and financial institutions in both countries," the statement says.
The US is one of China's most important trading partners, according to the ICBC statement. As of the end of 2007, US investment in China has topped $56 billion, making it a major source of China's foreign direct investment. Meanwhile, according to the statement, in recent years, the number of various types of companies set up by Chinese enterprises in the US is also on the rise. In 2007, according to approvals and records from China's Ministry of Commerce, China's non-financial direct investment in the US amounted to $290 million, with an accumulated investment of about $1.25 billion.
Jiang Jianqing, chairman of ICBC, said at the opening ceremony on Wednesday that although the current financial crisis is still spreading, he believes that under the concerted efforts of the governments around the world, US economy will be able to ride out the storm, restore prosperity, and that world financial industries "will definitely move out of turmoil and depression, and embrace recovery and prosperity."
In September 2008, the New York State Banking Department awarded a license to ICBC to establish this branch in the US. Since 1997, ICBC has had a representative office in New York, which is also licensed by the Banking Department, according to the statement.
New York State superintendent Richard Neiman says in the statement that "this branch represents ICBC's confidence in New York, its Banking Department, and in the US economy." In July, the Banking Department also awarded a license to China Merchants Bank, the sixth largest bank in China, to open the first new mainland Chinese branch in the US in 17 years. CMB was the first branch of a bank from mainland China to open since the adoption of the Foreign Bank Supervision Enhancement Act of 1991, according to the statement.
The ICBC statement echoed Gov. Paterson's remarks, noting that the launch of the New York City branch was an "expression of the confidence in the long-term prospects for US economy." As of the end of June, 2008, ICBC has extended business institutions to 15 foreign countries and regions, with a total of 126 branches and subsidiary banks, and established bank agency relations with 1349 banks in 122 countries and regions
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
