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 ...
They can invade San Francisco. They'll be waiting, bent over with cheeks spread.
I wonder how much in overseas donations Pres. Obama will get this time around? Hmmmm... Chinese-controled US bank issues $1 billion in pre-paid credit cards....
Yea, that was pretty slick research.
If only he could channel that energy into discovering obama’s past......
Now China makes everything (destroying U.S. ability to manufacture). And so since China makes everything then they have all the money to buy everything and lend to us (U.S.) so that we can buy more China crap.
China has all the technology, factories and so money. How come I and Pat Buchanan have figured this out but many on here ( free traders) and politicians haven't? The free traders are allowing China to destroy the U.S. and U.S. sovereignty.
Obama is the worst.
Quid pro quo
Yup. Globalists and Free Traders are international communists/marxists/fascists in business suits. i.e. Cultural Marxism for the right. Marx advocated free trade devoid of patriotism and ethics to speed up the arrival of global communism. He also advocated central control of credit, aka the Fed.
Yeah and many “free” traders here tell me that they are for freedom and so so conservative , little do they know they agree with Marx , Obama and democrats on free trade.
I’d like MORE sawdust in my dumplings please, thank you.
Please click the link.
The Republic you save may be your own.
I thought HSBC was a chinese takeover. I remember when they were Marine Midland.
“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.”
Keep an eye on that key word “begin” after 30 years china is always just beginning to open up. They almost never quite get there, we lose trillions of dollars waiting for them to play fair, they never quite do.
China doesn’t play fair, they just bait and wait. and Washington lets them.
Melamine is PEOPLE!!!
Another destructive action by our first historic destroy America president.
China will undercut US banks on all levels.
Then they could buy up mortgages to clean up the balance sheets of US owned and run banks.
Off the balance sheets and looking good.
Think of that. US Mortgages owned by the Chicoms. I’m sure they will be very understanding on loans that are behind.
FREEREPUBLIC SHOULD PICKET THESE COMMUNIST SLAVE LABOR BANKS NATIONWIDE!!!!! LETS DO THIS.
It reminds me of something Madison wrote in the Federalist Papers, about how the Greek cities lost their freedom when they allowed Philip of Macedon to take a seat in their league of city-states .... whereby he became instantly the hegemon of Greece.
They spent over 2100 years in slavery.