DEPUTY MAYOR LIEBER JOINS CHINA CONSTRUCTION BANK TO CELEBRATE GRAND OPENING OF BANK'S NEW YORK CITY BRANCH OFFICE
China Construction Bank has created 10 to 15 jobs and expects to create a total 30 jobs by the end of 2009 as part of this project
Attracting international businesses to New York City is part of the City's Five Borough Economic Opportunity Plan
New York City, June 9, 2009 - Deputy Mayor for Economic Development Robert C. Lieber joined Chinese Consul General to New York Peng Keyu, Superintendent of Banks of the New York State Banking Department Richard Neiman, China Construction Bank (CCB) Chairman Guo Shuqing and CCB Vice President Fan Yifei to celebrate the grand opening of China Construction Bank's first New York City branch office at 1095 Avenue of the Americas in Midtown, Manhattan. CCB's New York branch office, the bank's first in the United States, opened this past Friday and will support Chinese companies with operations in New York City. The Beijing-based bank was issued a license from the New York State Banking Department to operate a branch office in New York in February 2009.
"I am very pleased to welcome China Construction Bank to the New York City business community," said Deputy Mayor Lieber. "Attracting international financial services institutions is central to the Bloomberg Administration's financial services initiatives and today's grand opening marks a significant milestone in what will be a long and prosperous relationship between New York City and China Construction Bank."
CCB previously had a representative office in New York City, which allowed it to solicit business, promote its products and services, and act as a liaison between its headquarters in Beijing and customers in the United States. Now that it has established a branch office in New York, CCB will be able to engage in a full range of banking activities to serve businesses from both the United States and China.
The New York City Economic Development Corporation (NYCEDC) has focused on identifying the primary challenges that international companies confront when looking to establish business operations in New York City. As part of this effort, NYCEDC held a NYC-China Banking Forum in May 2008 that brought together representatives from New York State, federal regulatory bodies and Chinese banks to explain how to apply for and access the necessary licenses to operate in the United States.
"Bringing regulators and Chinese banks together in the same room, last year, allowed us to address and demystify the process through which foreign banks must go when considering a move to New York City," said NYCEDC President Seth W. Pinsky. "I am very pleased that, coming out of this meeting, China Construction Bank has successfully established a branch office in New York. This is yet another example of how New York City's financial services community is, in the wake of last year's crisis, regenerating and strengthening itself."
Since the May 2008 NYC-China Banking Forum, the Industrial and Commercial Bank of China, the Chinese Merchant Bank, and China Construction Bank have opened branch offices in New York City. Today, all five Chinese state banks have branch offices in New York City, paving the way for more large Chinese corporations to successfully establish operations here.
CCB is the second largest bank in China and is a state-owned commercial bank that provides retail banking, corporate banking, and investment management services. CCB has a network of over 13,000 branches and sub-branches in China, overseas branches in Hong Kong, Singapore, Frankfurt, Johannesburg, Seoul, and now New York City, and representative offices in London and Sidney. The bank's headquarters are in Beijing, China and it employs close to 300,000 people.
For more information about China Construction Bank, please visit www.ccb.com .
About NYCEDC
New York City Economic Development Corporation is the City's primary vehicle for promoting economic growth in each of the five boroughs. NYCEDC's mission is to stimulate growth through expansion and redevelopment programs that encourage investment, generate prosperity and strengthen the City's competitive position. NYCEDC serves as an advocate to the business community by building relationships with companies that allow them to take advantage of New York City's many opportunities.
About the Five Borough Economic Opportunity Plan
The Five Borough Economic Opportunity Plan is a comprehensive strategy to bring New York City through the current economic downturn as fast as possible. It focuses on three major areas: creating jobs for New Yorkers today, implementing a long-term vision for growing the city's economy, and building affordable, attractive neighborhoods in every borough. Taken together, the initiatives that the City has launched to achieve these goals will generate thousands of jobs and put New York City on a path to economic recovery and growth.
# # #
