China's Bank of Communications in the United States will include deposit-taking, lending and trade finance in its services.
Hao Xiaohui, general manager of BOCOM's New York Branch, said that the Federal Reserve Board had approved BOCOM's application to establish a branch in San Francisco, California.
"BOCOM will expand its wholesale business in the U.S. and will meet all requirements for a qualifying foreign banking organization under Regulation," said Hao, adding that the proposed San Francisco branch would engage in wholesale deposit-taking, lending, trade finance, and other banking services.
As a limited branch, it would be prohibited from accepting deposits from sources other than those permitted.
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