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

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