NAICS Code 522299-04 - Branches & Agencies Of Foreign Banks

Marketing Level - NAICS 8-Digit

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NAICS Code 522299-04 Description (8-Digit)

Branches & Agencies Of Foreign Banks is a subdivision of the NAICS Code 522299 that involves the activities of foreign banks operating in the United States. These banks establish branches or agencies in the US to provide banking services to US customers. The services offered by these branches and agencies include deposit-taking, lending, and other financial services. These foreign banks are regulated by the Federal Reserve and are subject to the same regulations as domestic banks.

Parent Code - Official US Census

Official 6‑digit NAICS codes serve as the parent classification used for government registrations and documentation. The marketing-level 8‑digit codes act as child extensions of these official classifications, providing refined segmentation for more precise targeting and detailed niche insights. Related industries are listed under the parent code, offering a broader context of the industry environment. For further details on the official classification for this industry, please visit the U.S. Census Bureau NAICS Code 522299 page

Tools

Tools commonly used in the Branches & Agencies Of Foreign Banks industry for day-to-day tasks and operations.

  • SWIFT (Society for Worldwide Interbank Financial Telecommunication)
  • AML (Anti-Money Laundering) software
  • KYC (Know Your Customer) software
  • Risk management software
  • Trading platforms
  • Payment processing software
  • Foreign exchange software
  • Compliance management software
  • Customer relationship management (CRM) software
  • Data analytics software

Industry Examples of Branches & Agencies Of Foreign Banks

Common products and services typical of NAICS Code 522299-04, illustrating the main business activities and contributions to the market.

  • Foreign bank branches
  • Foreign bank agencies
  • International banks
  • Offshore banks
  • Multinational banks
  • Global banks
  • Foreign-owned banks
  • Non-US banks
  • Overseas banks
  • Foreign financial institutions

History

A concise historical narrative of NAICS Code 522299-04 covering global milestones and recent developments within the United States.

  • The industry of Branches & Agencies Of Foreign Banks has a long history that dates back to the 19th century. The first foreign bank to establish a branch in the United States was the Bank of British North America, which opened its doors in New York City in 1839. In the following years, other foreign banks followed suit, and by the end of the 19th century, there were more than 50 foreign banks operating in the United States. The industry continued to grow in the 20th century, with the establishment of the Federal Reserve System in 1913 and the Bretton Woods Agreement in 1944, which created a stable international monetary system. In recent years, the industry has faced challenges due to increased regulation and competition from domestic banks, but it remains an important part of the global financial system. In the United States, the industry of Branches & Agencies Of Foreign Banks has a more recent history. The first foreign bank to establish a branch in the United States was the Bank of Tokyo, which opened a branch in New York City in 1954. In the following years, other foreign banks followed suit, and by the end of the 20th century, there were more than 200 foreign banks operating in the United States. The industry faced challenges in the aftermath of the 2008 financial crisis, with many foreign banks scaling back their operations in the United States due to increased regulation and a challenging economic environment. However, the industry has rebounded in recent years, with many foreign banks expanding their operations in the United States to take advantage of the country's strong economy and favorable business environment.