ICBC takes controlling stake in US bank

May 12, 2012 | BY

clpstaff &clp articles

Wednesday signaled a breakthrough for Chinese financial institutions as the Industrial and Commercial Bank of China became the first mainland bank to acquire a controlling stake in a US counterpart

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The US Federal Reserve released the Order allowing ICBC to buy an 80% stake in the Bank of East Asia alongside two other approvals for branch offices in New York and