The US Federal Reserve has granted permission to Hong Kong-based Wing Lung Bank to establish a branch in San Francisco, California, and to upgrade its existing limited federal branch in Alhambra, California, to a full-service branch.
Wing Lung, with total consolidated assets of approximately $27.2bn, is one of the 10th largest banks in Hong Kong and China Merchants Bank Co (CMB) owns all of the shares of Wing Lung.
Wing Lung operates as a commercial bank and engages in retail and commercial banking activities. The bank also operates branches outside Hong Kong in Shenzhen and Shanghai, People’s Republic of China, and a branch in the Cayman Islands.
In the US, Wing Lung runs a limited federal branch in Alhambra, California, according to a statement by the Federal Reserve.
The Federal Reserve also approved plans by two more Chinese banks to boost their presence in the US, including the first acquisition of a US retail-banking network by a state-owned Chinese lender, as reported by the Wall Street Journal.
Other Chinese lenders, including China Merchants Bank, Industrial & Commercial Bank of China, Bank of China and Agricultural Bank of China were among banks, who had already received Fed approval for US operations.