Description for 6081: Branches and Agencies of Foreign Banks
6081 Branches and Agencies of Foreign Banks
Establishments operating as branches or agencies of foreign banks which specialize in commercial loans, especially trade finance. They typically fund themselves via large denomination interbank deposits, rather than through smaller denomination retail deposits. Federally licensed agencies of foreign banks may not accept deposits. Federal branches may accept deposits; however, if they choose to accept deposits in denominations of $100,000 or less, Federal deposit insurance is required. Establishments which are owned by foreign banks but primarily engaged in accepting retail deposits from the general public in the United States are classified in Industry Group 602.
- Agencies of foreign banks
- Branches of foreign banks