At the same time so many other foreign companies are beating a hasty retreat out of the U.S. markets, Chinese banks appear to be prepping for a U.S. listing.
Chase Cooper reports that China Merchants Bank recently received Federal Reserve approval to open a branch in New York. The CMB is the first Chinese bank to gain such approval in 15 years, the story says. And it may be the beginning of CMG listing on a U.S. exchange, which also hasn't happened since Sarbanes-Oxley was enacted.
According to Chase Cooper:
Chinese banks are cash rich and are looking to build their overseas presence through opening branches and acquiring local financial firms. A U.S. listing would assure new banking clients, investors, counterparties and the markets that transparency and risk management were at levels to be expected of global banks.