The American Heonomic iteport for December carried an itom about the activities of American Ranks abroad, It disclosed: More American nanks are opening branches overseas and moving into the financing of development, manufacturing and services overseas. Dy October 1 of this year the number of foroign branches had increased from 78 in 1945 to 160, and more are expected to open. Foreign banking and finance subsi~daries for banks were authorised by the Bdge Act of 1919., but full advantage of this law was not taken until after the last war,
The magazine Business Week reports that deposits in foreign banks have increased considerably, and bankers acceptances, drawn on and accepted by American banks mainly to finance trade transactions, have ~ increased from under $500 million in 1950 to $2,800 million now. Dank~ owned corporations under the Bdge Act have incrvzased from six in 1955 to about 35 nowe
imong the larger banks with overseas operations areg The DIank OF. America, California, (22 branches and 11 representative offices, plus 81 branches in 97% owned Banca dtAmerica e d'italias the First National City Bank of New York (100 foruign branches) 3 the Morgan Guarantee Trust .of New York (with interests in France, Tolland, Australia, Spain, the Cameroons and Senegal) and New York!s Chase Manhattan Dank (29 foreign -. branches, has also a majority interest in Brazil and a minority interest in Venezuela).