(a)

1. (1) No foreign (other nation) bank shall establish or maintain an agency or branch office unless the commissioner shall have first approved the establishment of that office and issued a license authorizing the bank to maintain the office.
2. (2) Paragraph (1) shall not be deemed to prohibit a foreign (other nation) bank from establishing or maintaining a federal agency or federal branch in this state.

(b) If the commissioner finds the following with respect to an application by a foreign (other nation) bank for approval to establish an agency or branch office, the commissioner shall approve the application:

1. (1) That the bank, any controlling person of the bank, the directors and executive officers of the bank or of any controlling person of the bank, and the proposed management of the office are each of good character and sound financial standing.
2. (2) That the financial history and condition of the bank are satisfactory.
3. (3) That the management of the bank and the proposed management of the office are adequate.
4. (4) That it is reasonable to believe that, if licensed to maintain the office, the bank will operate the office in a safe and sound manner and in compliance with all applicable laws, regulations, and orders.
5. (5) That the bank’s plan to establish and to maintain the office affords reasonable promise of successful operation.
6. (6) That the bank’s establishment and maintenance of the office will promote the public convenience and advantage.

7. (7) In case the office is to be a branch office, that the foreign nation where the bank is domiciled permits banks organized under the laws of this state and national banks headquartered in this state to establish and maintain in those foreign nation offices substantially equivalent to agencies, offices substantially equivalent to branch offices, or wholly (except for directors’ qualifying shares) owned banks organized under the laws of the foreign nation.

   If the commissioner finds otherwise, the commissioner shall deny the application.