Skip to comments.Fed clears China's first US bank takeover
Posted on 05/09/2012 3:33:39 PM PDT by GeorgeWashingtonsGhost
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.
As part of the deal ICBC and two state-backed financial firms -- China's sovereign wealth fund the China Investment Corporation (CIC), and Central Huijin Investment -- will be recognized as bank holding companies, regulated as commercial US banks.
The broad expansion of China's footprint in the US market comes amid a series of financial reforms in China that could begin to open the lucrative market to US firms.
More at link..
(Excerpt) Read more at ca.news.yahoo.com ...
“Please can I have some more melamine sir?””
The Ameican government has made itself into the enemy of the American people.
hey did you hear obama supports gay marriage?
another reason he did this today I am thinking.
He is the enemy. All of his kind are.
Yes and strangeness and such.
Hate em back. Works for me.
All of China’s banks are state-owned. Both US political parties work for the same class of constituents. No vote! No sales! Have fun. Enjoy the slide.
You have a limited vocabulary or or you're practicing copy paste Your post has the same error at U.S. Will Negotiate with Terrorists After All American.
And BTW, that story couldn’t be true, because according to the sponsored propaganda for over 5 years now, China’s been collapsing for 5 years. ;-)
The bond collapse and haircuts are coming. And for every quarter that the dollar is artificially propped up in this debt regime with inadequate manufacturing, the end of the default process becomes worse.
0bama and crew just paying their ‘interest’ on loans by the Communist Chinese.
0bama is, in fact, the most successfully ANTI-American pres__ent to ever occupy the White House. This crap must be stopped, and the damage must be reversed.
Awesome. A spelling nazi double play!
Along with all U.S. POTUS and Boot Licking China loving congressman in both parties as well in the last 22 years. Their NWO has arrived. Make no mistake those we elected GOP & DEMs alike sold U.S. OUT.
The American government has made itself into the enemy of the American people.
And they said it could not happen here....
Well, good thing we got the President saying how great Gay Marriage is because there are going to be a lot of lonely Chinese men due to the one child policy and they will want their happy ending after we become beholden to them.....
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