(November 13, 2007) China Merchants Bank ( CMB ) got the approval of the Federal Reserve on November 8 to establish a branch in New York, the United States, marking a milestone for the development of the bank.
CMB established its representative office in New York, the US in October 2002. Due to the discrepancies in various fields like legal environment, accounting standards and internal control between China and the US, the bank had faced a lot of challenges while applying to the US monetary authorities for the approval to establish its branch in the US.
CMB established its representative office in New York, the US in October 2002. Due to the discrepancies in various fields like legal environment, accounting standards and internal control between China and the US, the bank had faced a lot of challenges while applying to the US monetary authorities for the approval to establish its branch in the US.
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