New York State Banking Department Awards License for Dekabank Deutsche to Open Representative Office in New York City
January 28, 2009
New York, NY: The New York State Banking Department today awarded a license to DekaBank Deutsche Girozentrale, Frankfurt am Main, Germany, to establish a representative office in New York, New York.
DekaBank functions as the central bank for all public sector banks in Germany and is the second-largest provider of investment funds in Germany. As of Sept. 30, 2008, the bank had $140 billion euros in total assets. DekaBank’s activities include asset management, credit business, capital market trading and sales, and financing. The representative office will serve as a liaison between DekaBank’s overseas offices and banks in the United States.
The New York State Banking Department is the regulator for all state-chartered banking institutions, virtually all of the United States offices of international banking institutions, all of the State’s mortgage brokers, mortgage bankers, check cashers, money transmitters and budget planners. The aggregate assets of the depository institutions supervised by the Banking Department are $2.2 trillion.
In addition to regulating banking institutions, the Banking Department is active in informing and educating all New Yorkers on banking matters. To contact the Banking Department, please call 1-877-BANK-NYS or visit our Web site at www.banking.state.ny.us.