Article XII Company

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Article XII Company

A financial institution in New York that provides credit and other services for international commerce. Such institutions are usually owned by foreign companies and conduct activities like lending to borrowers outside the United States and exchanging foreign currencies. Article XII companies are not allowed to take deposits within New York and must receive permission from the banking board to take outside deposits. Its name is derived from Article XII of the New York State Banking Law.
References in periodicals archive ?
The authority to approve the establishment of the proposed branch and the acquisition of ASBC parallels the continuing authority of the State of New York to license offices of a foreign bank and to supervise Article XII companies.