Taiwan Cooperative Bank has been cleared by the Federal Reserve Board to open a branch in New York.

The $92 billion-asset financial institution is Taiwan’s second largest bank. Taiwan Cooperative, which already has branches in Los Angeles and Seattle, will offer commercial, wealth management and retail banking products at the New York office.

The Fed also approved an application by Japan's Sumitomo Mitsui Financial Group and Sumitomo Mitsui Banking to increase their ownership in Hong Kong's Bank of East Asia to 19.9% from 10.2%.

The purchased needed the Fed’s blessing due to Bank of East Asia's stakes in the $1.1 billion-asset Industrial and Commercial Bank of China, which is based in New York.

Sumitomo Mitsui Financial Group controls about $1.6 trillion in assets across Asia, the U.K., and the Americas, including the $2.4 billion-asset Manufacturers Bank in Los Angeles and uninsured operations in New York, Los Angeles and San Francisco.

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