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...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.