Fed gives Bank of Taiwan nod to open New York branch

The lender cleared to hold financing, syndicated lending, purchasing and holding securities, remittances and foreign-exchange trading services in the US 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, according to a report in Bloomberg.

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.