chinese-banks-have-an-appetite-for-global-expansion

Chinese banks have an appetite for global expansion

Moves by China Minsheng Bank and China Marchants Bank to establish a presence in the US is the continuation of a recent expansionary trend, says Moody's report.
November 12, 2007
The expansion of Chinese banks has gained momentum with the recent entry of China Minsheng Bank and China Merchants Bank into the US market, according to a global banking report released by MoodyÆs yesterday. China Minsheng is buying a stake in United Commercial Bank, a small local US bank, while China Merchants has won government approval to set up a branch in New York City.

The move illustrates the increasing trade and investment flows between China and the US and comes amid a growing interdependence and strengthening economic relationship.

Bilateral banking assets more than tripled to at least $31 billion between December 1997 and June 2007. ôMost importantly,ö says the report, ôbilateral banking growth since...
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