Fed clears China’s first US bank takeover
2012-05-11 0:00

By Veronica Smith | Google.com / AFP


The United States on Wednesday opened its banking market to ICBC, China’s biggest bank, for the first time clearing a takeover of a US bank by a Chinese state-controlled company.

Just days after high-level US-China economic talks in Beijing, the Federal Reserve approved an application from Industrial and Commercial Bank of China to buy a majority stake in the US subsidiary of Bank of East Asia.

The transaction will make ICBC the first Chinese state-controlled bank to acquire retail bank branches in the United States.

ICBC has been the most aggressive of China’s "big four" banks in expanding overseas.

According to the Fed the bank has total assets of roughly $2.5 trillion.

It will buy up to 80 percent of the US unit of the Hong Kong-based Bank of East Asia, which operates 13 branches in New York and California.

[...]



Read the full article at: google.com

Image: Three Chinese banks allowed to enter US market (AFP/File, Frederic J. Brown)




Related Articles
Spain nationalizes fourth-largest bank as crisis deepens
Banking giant HSBC ’a criminal enterprise’


Latest News from our Front Page

West’s tributes to late Saudi King reveal hypocrisy not democracy
2015-01-27 2:16
Hypocrisy is not usually regarded as a virtue of leadership, yet judging by the gushing tributes paid to Saudi Arabia’s King Abdullah by various Western governments and establishment figures on his death, there are those who believe it should be. In the UK this hypocrisy has been stretched to breaking point with the decision to fly the flags over Downing ...
Millions of GMO insects could be set loose in Florida Keys
2015-01-27 2:34
Millions of genetically modified mosquitoes could be released in the Florida Keys if British researchers win approval to use the bugs against two extremely painful viral diseases. Never before have insects with modified DNA come so close to being set loose in a residential U.S. neighborhood. "This is essentially using a mosquito as a drug to cure disease," said Michael Doyle, executive ...
Furguson Scared The Super - Rich So Bad They're Planning Exits
2015-01-27 0:22
According to a speaker at the World Economic Forum in Davos, Ferguson and Occupy absolutely terrified the world’s super-rich, and now they’re buying airstrips and farms in remote locations to escape to. At the World Economic Forum in Davos, Switzerland, which was held between January 21-24, over 2,500 leaders in the fields of business, international politics, academia and journalism met to discuss ...
The Ring Of The Nibelungs
2015-01-27 0:20
Dark Kingdom: The Dragon King (also known as Ring of the Nibelungs, Die Nibelungen, Curse of the Ring, and Sword of Xanten) is a 2004 German television film directed by Uli Edel and starring Benno Fürmann, Alicia Witt, Kristanna Loken, and Max von Sydow. The film is based on the Norse mythology story Völsungasaga and the German epic poem Nibelungenlied, ...
Google Street View Shows NAACP Bombing a Hoax
2015-01-26 22:58
Caught in the act: NAACP passing off old soot marks as new in ‘bomb’ hoax NAACP Colorado Chapter President Henry D. Allen Jr. has been caught in the act of passing off old soot marks as new damage from the recent ‘explosion’ at the Colorado Springs chapter headquarters. Although Gotnews.com has previously remarked on the minimal damage as reported by the ...
More News »