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The Growth of Foreign Banking in the United States : An Analytical Survey

One of the most significant recent developments in both international banking, and the structure of banking within the United States, has been the rapid growth in the activities of foreign banks in the United States. This growth has resulted from an expansion of the activities of banks with existing U.S. operations as well as de novo entry into the U.S. market by additional foreign banks. The U.S. offices of foreign banks currently offer a broad range of banking services to both foreign and domestic customers, and their increasing importance in U.S. markets has resulted in various legislative proposals to establish a uniform Federal policy concerning their activities. To understand this growth it is necessary to understand the motives and the business orientation of the nearly 100 foreign banks operating banking facilities in the United States.1 One reason the United States is an attractive location for these foreign banks is the size of its domestic nancial markets, which provide foreign banks with a convenient investment outlet as well as a source of dollar financing. The attractiveness of establishing a banking facility in the United States is enhanced by the role of the dollar as a transaction currency in world trade and investment. In addition, the relaxation of capital controls in January 1974 dearly increased the desirability of U.S. markets to foreign banks since they could extend credits to foreign borrowers free of restraint. Other important motivations for entry include providing financial services for the foreign bank’s corporate clients doing business in the United States, developing closer contacts with U.S. corporations which may be