Fed OKs First-Ever Chinese Bank Purchase Of US Bank

Law360, New York (May 9, 2012, 7:26 PM EDT) -- The Federal Reserve on Wednesday approved the Chinese-government owned Industrial and Commercial Bank of China Ltd.’s $140 million majority purchase of the Bank of East Asia Ltd.’s American arm, the first time the central bank has ever allowed a Chinese bank to purchase a U.S. bank.

Under the terms of the deal, ICBC — China’s largest bank — will purchase 80 percent of the voting shares of the Bank of East Asia (USA) NA, which operates 13 retail branches in New York and California. The deal...
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