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Expert Analysis

Opening The Door For Foreign Control Of US Banks

Law360, New York (May 18, 2012, 12:50 PM EDT) -- On May 9, 2012, the Board of Governors of the Federal Reserve System announced its approval of an application submitted by Industrial and Commercial Bank of China Limited (ICBC), China Investment Corporation (CIC), and Central Huijin Investment Ltd. (Huijin), all based in the People's Republic of China, to become bank holding companies pursuant to Section 3 of the Bank Holding Company Act of 1956, as amended (BHCA). ICBC, CIC and Huijin had applied to acquire up to 80 percent of the voting shares of The Bank of East Asia (U.S.A.) National Association (BEA-USA), located in New York City.[1]...

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