ICBC gets nod from Fed to buy BEA's US unit
Source: Bloomberg News |
May 11, 2012, Friday
|
Print Edition
Print Edition
THE Industrial and Commercial Bank of China has won approval to buy a US lender in the biggest opening of the American banking market to Chinese companies, less than a week after economic talks in Beijing.
The Federal Reserve allowed ICBC to operate as a bank holding company, buying a controlling stake in Bank of East Asia Ltd's US unit. The Fed also allowed the Bank of China and the Agricultural Bank of China to open US branches, the Fed said on Wednesday on its website.
The decision, which was reviewed by the Department of Justice, marks the first time regulators have allowed a Chinese bank to buy a majority stake in a US depository institution.
The US$140 million acquisition of 80 percent in Bank of East Asia's US arm gives Beijing-based ICBC 10 branches in California and three in New York, a toehold for US growth.
The Federal Reserve allowed ICBC to operate as a bank holding company, buying a controlling stake in Bank of East Asia Ltd's US unit. The Fed also allowed the Bank of China and the Agricultural Bank of China to open US branches, the Fed said on Wednesday on its website.
The decision, which was reviewed by the Department of Justice, marks the first time regulators have allowed a Chinese bank to buy a majority stake in a US depository institution.
The US$140 million acquisition of 80 percent in Bank of East Asia's US arm gives Beijing-based ICBC 10 branches in California and three in New York, a toehold for US growth.
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