The first representative office of China Merchants Bank (CMB) has opened in New York, in a landmark move of Chinese banks in the international finance market.
It is also the first representative office of a Chinese business bank authorized by the US banking regulatory structure since 1996.
CMB has intended to set up a representative office in the United States since 1999 and made great efforts in its applications under both Chinese financial regulations and the US laws.
"The procedure of applying was full of joy and bitterness," said an employee of CMB. "It was a rigid, strict test for the overall operation and management of CMB in compliance with internationally recognized rules."
In all, three Chinese commercial banks have opened their branchoffices in the U.S.