Spotlight On Fed's Stance On Chinese Control Of US Banks
Law360, New York (June 15, 2012, 4:36 PM EDT) -- The Federal Reserve Board last month approved for the first time a controlling investment by a Chinese bank in a U.S. bank, opening the door for future Chinese acquisitions and investments in the U.S. banking sector. The Federal Reserve's approvals marked the first time that it has found without qualification that a Chinese bank is subject to "comprehensive consolidated supervision" or "CCS" in its home country — a critical requirement for foreign banks seeking to do business in the United States.
As a result of the determinations, the state-owned Industrial and Commercial Bank of China Limited (ICBC) will be permitted to...
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