(China) China Merchants Bank has opened a New York office in a bid to expand its international footprint.In a statement, the bank said it would use the “US office as a window and bridge to promote a strategy of internationalisation”.
CMB has been attempting to establish a US presence since 1999 and was finally given permission to set up shop by the US Federal Reserve after satisfying regulations.
The bank is the third Chinese commercial bank to open an office in the US.
Chinese banks are being forced to look to markets overseas as competition hots up domestically, particularly from international banks, following the country’s entry into the World Trade Organisation.