Bonds News

UPDATE 1-China Construction Bank gets NY branch license

NEW YORK, Feb 18 (Reuters) - China Construction Bank Corp 601939.SS, the country's second largest bank, said on Wednesday it has won a license from the New York State Banking Department to operate a branch in New York.

The Chinese bank said the branch will accept wholesale deposits, and also engage in foreign exchange, lending, trade finance and other banking services. It expects to open the branch later this year.

Wei Li, who previously managed the company’s Hong Kong, Singapore and Tokyo branches, is general manager of the New York branch. Construction Bank also has branches in Frankfurt, Johannesburg and Seoul. The company said it has about $1.1 trillion in assets.

Bank of America Corp BAC.N, the largest U.S. bank, owns a 16.6 percent stake in Construction Bank, reduced last month from 19.1 percent to raise capital. (Reporting by Jonathan Stempel; editing by Jeffrey Benkoe)