Fed Says Bank of Taiwan Can Open Branch in New York City

The Federal Reserve cleared the way for the Bank of Taiwan to open a branch in New York.

The bank, with total assets of $135 billion, is the largest commercial bank in Taiwan.

The branch’s activities would include financing, syndicated lending, purchasing and holding securities, remittances and foreign-exchange trading, the Fed said in a statement today in Washington.

To contact the reporter on this story: Jeannine Aversa in Washington at javersa@bloomberg.net

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