Fed approves China Construction Bank branch in US

WASHINGTON, Dec 8 - The U.S. Federal Reserve on Monday said it approved an application by China Construction Bank Corp to open a branch in New York.

The proposed New York branch would engage in wholesale deposit taking, lending, trade finance, and other banking services, the Fed said in a statement.

China Construction Bank Corp has assets of approximately $1.1 trillion and is the second largest bank in China, the Fed said. The Chinese government owns about 57 percent of the bank's shares.

(Reuters)