A Marshall Islands Bank has been given the go ahead to apply to establish what would be its first branch in the United States.
The Marshall Islands Banking Commissioner, Ann Marie Muller, has issued a letter approving the Bank of Marshall Islands' application to the State of Hawaii for a banking licence.
Ms Muller says there's still additional work to be done for the bank to qualify on its own merits with its own American Bankers' Association routing number.
But she says it shows significant progress has been made for her office to issue an approval for application to the State of Hawaii.
With stricter American banking laws going into effect after 9/11, the U.S. bank Citizens Security Bank terminated its relationship with Bank of Marshall Islands in 2006, ending the bank's ability to negotiate cheques in the U.S., where most of the country's commerce is transacted.
