ICBC takes controlling stake in US bank

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

2 minute readMay 12, 2012 at 12:58 AM

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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

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