U.K. bank OakNorth approved to open U.S. representative office

Regulators approved an application by OakNorth Bank Plc in London to open a representative office in New York.

The office “would act as a liaison with current and prospective U.S. customers of the bank,” the Fed said in its order approving the office. ‘It would promote and market the bank’s products and services, perform back-office functions, conduct market research, and facilitate lending to U.S. customers.”

Rishi Khosla, the $7.4 billion-asset bank’s CEO, told Bloomberg that it wants to eventually buy an existing business or a bank in the U.S. “Over time, we will continue to look at acquisition opportunities,” he said.