World’s Fourth-Largest Bank Gets A New US HQ
One of China’s biggest lenders, Bank of China, is moving its US HQ this fall to swanky new digs in Midtown Manhattan, taking up residence in the 470k SF tower at 7 Bryant Park, where it will occupy over half of the $600M building.
The move mirrors the state-owned behemoth's recent US expansion—its stateside assets swelled from $13.9B in 2010 to $78B last year, the Wall Street Journal reports. The bank previously planned to occupy just 40% of the 28-story tower.
Bank Of China, the world’s fourth-largest bank, has backed a sizable chunk of China's recent cross-border acquisitions—heading for a record volume this year—including deals by Anbang Insurance Group, the firm filling its portfolio with US hotels.
Other Chinese banks are following suit in their expansion of overseas presence, as total Chinese bank assets in the US reached $130B in 2015, up from $17.3B in 2010. [WSJ]