Chinese bank chooses NYC for first US branch

October 16, 2008 8:22:00 AM PDT
Gov. David Paterson says the largest commercial bank in China has chosen New York for its first U.S. branch. Industrial and Commercial Bank of China will open the branch in Manhattan, giving the global financial hub a shot in the arm amid Wall Street's meltdown.

There was no word on how many jobs might be created.

Paterson says the bank is the largest in mainland China and its shares trade on the Shanghai and Hong Kong stock exchanges.