The Federal Reserve Board has given Industrial and Commercial Bank of China permission to open a representative office in New York.

The Fed said in a Jan. 27 order that the office may do general marketing and promotional activities, serve as liaison between customers and investment banks, and engage in loan solicitations. It may not, however, collect loan payments or underwrite credits directly.

The $400 billion-asset institution operates 32,000 branches in China and has subsidiaries in Kazakhstan and Hong Kong. It operates offices in Seoul, South Korea; Tokyo; and London.

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