ICBC takes controlling stake in US bank

| 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

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 Chicago of the Agricultural Bank of China (ABC) and the Bank of China (BOC), respectively.

“A signal has been sent that the US banking market is continuing to open up for branching and acquisitions and other equity investments by mainland Chinese banks in particular and international banks in general,” says White & Case Partner Ernie Patrikis, who represented ICBC and the Bank of China.

This premium content is reserved for
China Law & Practice Subscribers.

  • A database of over 3,000 essential documents including key PRC legislation translated into English
  • A choice of newsletters to alert you to changes affecting your business including sector specific updates
  • Premium access to the mobile optimized site for timely analysis that guides you through China's ever-changing business environment
For enterprise-wide or corporate enquiries, please contact our experienced Sales Professionals at +44 (0)203 868 7546 or [email protected]