Bank of Kyoto Ltd., the Japanese regional bank, is closing its New York branch, but Taiwan's Chinatrust Commercial Bank Ltd. has obtained Federal Reserve Board approval to open one.

Taipei-based Chinatrust has assets of nearly $17 billion and is Taiwan's ninth-largest bank, with more than 30 branches in Taiwan and branches in Hong Kong, India, and Paraguay.

The bank plans to use the New York branch to assist U.S. subsidiaries of Taiwanese companies.

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