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The Establishment Of Foreign Bank Agencies And Branches In New York, Clifford D. Harmon
The Establishment Of Foreign Bank Agencies And Branches In New York, Clifford D. Harmon
Vanderbilt Journal of Transnational Law
In recent years foreign banking associations have played an increasingly important role in the United States money market. While foreign banks have been operating in the United States since the 1870's, no substantial foreign banking existed in this country until the early 1970's. Since that time, however, there has been rapid expansion, and by 1978 there were 210 foreign bank facilities controlling $66 billion in assets in the United States. Most of this activity is confined to New York, Illinois, and California.
New York alone accounts for three quarters of all foreign bank assets in this country. Although this concentration …