ICBC gets green light from Fed for US move

摘要

The US Federal Reserve has approved Industrial and Commercial Bank of China's (ICBC's) purchase of a stake in Bank of East Asia (BEA) USA, marking the Chinese bank's first acquisition of a US-based bank.ICBC will pay approximately $140m for an 80% stake in BEA USA, which operates 13 branches in New York and California. Although the deal is relatively small, it marks a strategic step for the Chinese bank's expansion into the US market.