Skip to comments.Fed clears China's first US bank takeover
Posted on 05/09/2012 3:33:39 PM PDT by GeorgeWashingtonsGhost
The United States on Wednesday opened its banking market to ICBC, China's biggest bank, for the first time clearing a takeover of a US bank by a Chinese state-controlled company.
Just days after high-level US-China economic talks in Beijing, the Federal Reserve approved an application from Industrial and Commercial Bank of China to buy a majority stake in the US subsidiary of Bank of East Asia.
The transaction will make ICBC the first Chinese state-controlled bank to acquire retail bank branches in the United States.
ICBC has been the most aggressive of China's "big four" banks in expanding overseas.
According to the Fed the bank has total assets of roughly $2.5 trillion.
It will buy up to 80 percent of the US unit of the Hong Kong-based Bank of East Asia, which operates 13 branches in New York and California.
As part of the deal ICBC and two state-backed financial firms -- China's sovereign wealth fund the China Investment Corporation (CIC), and Central Huijin Investment -- will be recognized as bank holding companies, regulated as commercial US banks.
The broad expansion of China's footprint in the US market comes amid a series of financial reforms in China that could begin to open the lucrative market to US firms.
More at link..
(Excerpt) Read more at ca.news.yahoo.com ...
Nothing like a little ‘I support gay marriage’ announcement by Obama to smother this story in the press.
A bank owned by a dictatorial, police state that practices forced abortion is not welcome here.
Let me be the first to say it, China is not our friend.
Is this what China got in return for allowing Chen to study abroad?
Whats to lose ? Open em up on Tuesday and seize their assets on Wednesday ..... It’s the Chicago way !
2 Trillion in the bag ...cha chink errr cha ching ! ...ummm
But a conservative, AMERICA-LOVING, AMERICAN SOVEREIGNTY-LOVING President would not have allowed it, nor would he had his little worker bees pimping for it.
Like Clinton didn’t give China enough!
That’s the end game. Conquering us without destroying anything. That’s the most ingenious form of war; A mix of Sun Tzu and Saul Alinsky.. Saul Tzu!
Then I sincerely apologize to you.
I'm just happy more and more people have finally come to that conclusion. It's become so painfully obvious.
The camel’s nose is not just in our tent, it’s up our butts. No good will come of this as Communist China is not only our biggest lender, being inside our banking system provides them with unlimited access to manipulate our economy.
Foreign state sponsored bank to destroy our domestic banks. This is so illegal. They cannot be sued but we sheeple bankers will get destroyed.
We are soooo loosing our culture....and this evil administration doesn't bat an eye, rather paves the way for it all to happen.
Now that's a frightening thought...but moreso will the banks be compliant? They are all bent on crashing the dollar....looks like it's coming one way or another.
Another “win” brought to you courtesy of the “free trade” movement.
Without the huge current account surpluses of “free trade” with the US, China would have no reason, nor the huge financial position, to do something like this.
“there are going to be a lot of lonely Chinese men due to the one child policy”
I believe I read that it was projected to be nearly 300 MILLION by 2050. Then the invasion starts. The number is currently over 40 Million more males than females (under age 65, about 35 if you include the elderly). 300 Million (or 40 Million, but it WILL be MUCH higher than that) is a lot of grunts. I wish I was wrong, but I’m, unfortunately, not.