Fed clears China's first US bank takeover
By Veronica Smith (AFP)
posted May 10, 2012
WASHINGTON — 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. the rest
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