The United States Federal Reserve Board has finally sanctioned the application of China Construction Bank Corporation, a bank organized under the laws of the People's Republic of China, to establish a state licensed branch in New York.

The bank's application was antecedently sanctioned by the New York State Banking Department on October 2, 2008.

The New York branch will be the seventh overseas branch and is the first branch of China Construction Bank in United States. The branch will engage in wholesale deposit-taking, lending, trade finance, foreign exchange and other banking services.

Market analysts believe that the establishment of the New York branch will further enhance the bank's global network as well as effectively improve client service capability.

In addition, the deal would also facilitate trade and investment activities and financial cooperation between the United States and China.

China Construction Bank, with total assets of approximately $1.1 trillion, is the second largest bank in China.