7
Total assets of CBC remain in excess of US$12,000 million today and are expected to continue to grow. This reflects the underlying financial strength of CBC which can be matched by few other financial institutions in the world and which CBC believes will, upon establishment of a branch in Hong Kong, contribute to the soundness and overall strength of the Hong Kong financial sector.
IV.
RECIPROCITY
As you may know, branches of foreign banks may be established in the various states in the United States through a variety of methods. Numerous Hong Kong banks have established branches in the United States by application to the United States Comptroller of the Currency (the "Comptroller"). Delaware, the state of incorporation of CBC, does not prohibit foreign banks from establishing branches within the state. Accordingly, a Hong Kong bank would be entitled to establish a federal branch in the State of Delaware upon application to the Comptroller.
CBC believes that the foregoing discussion demonstrates that each of the criteria discussed above is met in the case of CBC's application for a branch license. However, CBC will be pleased to furnish any other information which you might find helpful in your review of this application or to meet with you to discuss any aspects of the application which you deem appropriate. CBC looks forward to the opportunity to conduct a banking business through a Hong Kong branch.
Yours faithfully,
Ame Bery
No comments yet.
Private notes are available after approval.