The new chairman of the Institute of International Bankers, JeanClaude Gruffat, disagrees with the Federal Reserve Bank of New York about how big a chunk of U.S. commercial lending is controlled by foreign banks.

A recent New York Fed study attributes 45% of the U.S. market share to banks based in other countries. But Mr. Gruffat said this figure is misleading because it includes purchases of commercial loans originated by American counterparts.

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