Fed clears China’s first US bank takeover


Fed clears China’s first US bank takeover

AFP

May 10, 2012

The United States opened its banking market to China’s biggest bank ICBC, 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.

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About partisanrangershow

Freedom fighter
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One Response to Fed clears China’s first US bank takeover

  1. gideon says:

    Go RED End the FED. Beautiful, hell, they’re buying everything might as well have the bank here too. Rule #9. Remember some things aren’t for sale. Rule #10. Know where to draw the line. America, our moment is passing.

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