January 28, 2013 / 9:06 PM / 5 years ago

Fed approves New York branch for NongHyup Bank of South Korea

WASHINGTON (Reuters) - The Federal Reserve said on Monday that it had approved an application by South Korean lender NongHyup Bank NAGRIB.UL (NH Bank) to establish a branch and representative office in New York City.

NH Bank is the fourth-largest bank in South Korea, with assets of $175 billion, and is a wholly owned entity of NH Financial Group Inc, the Fed said in a statement.

Reporting by Alister Bull; Editing by Dan Grebler

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