CCB opens New York branch

China Construction Bank (CCB), China’s second largest lender, said it had received a license from the New York State Banking Department to operate a branch in the city, Reuters reported. CCB said the bank will accept wholesale deposits as well as offering foreign exchange, lending, trade finance and other services. The branch is expected to open later this year. Wei Li, who previously held management positions in CCB’s Hong Kong, Tokyo and Singapore branches, is to be general manager of the New York branch. CCB also has branches in Frankfurt, Johannesburg and Seoul. It has approximately US$1.1 trillion in assets.