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Ardent Listener
Administrator
USA
4841 Posts |
 Posted - 01/23/2011 : 17:07:04
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China is trying to buy U.S. Banks
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"Under the deal, Industrial & Commercial Bank of China Ltd., by some measures the world's largest bank, agreed to acquire a majority stake in Bank of East Asia Ltd.'s U.S. subsidiary. ICBC will pay $140 million for an 80% stake. Bank of East Asia, which is a publicly traded company based in Hong Kong, has a total of 13 branches in New York and California. ICBC and Bank of East Asia have talked to U.S. regulators about the deal, these people said.
China's largest bank, Industrial & Commercial Bank of China Ltd., is the first Chinese bank to acquire a U.S. deposit-taking bank. Ken Brown explains why it could be the start of big expansions by Chinese financial institutions in the U.S.
The move represents what could be the start of big expansions by Chinese financial institutions in the U.S."
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China is trying to buy U.S. Banks
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