Opportunities For Chinese Bank Acquisitions Of US Banks
Law360, New York (August 06, 2012, 1:13 PM ET) -- This past May, the Federal Reserve Board (“FRB”) approved for the first time the acquisition of control of a U.S. national bank by China’s largest bank, Industrial and Commercial Bank of China with $2.5 trillion in assets, together with the approval of branch openings by two other Chinese Banks. The FRB determined that each of the acquiring banks is subject to comprehensive consolidated supervision in its home country. Although such a determination is limited to the particular applicant, it is necessarily reflective of the FRB’s views...
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