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Forum Post: Fed Clears China's First US Bank Takeover

Posted 2 years ago on May 10, 2012, 8:11 p.m. EST by Reneye (118)
This content is user submitted and not an official statement

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.

http://ca.news.yahoo.com/3-big-chinese-banks-enter-us-banking-market-185200086.html

7 Comments

7 Comments


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[-] 1 points by SteveKJR1 (8) 2 years ago

Like everything else here in this country the people won't be concerned and will patronize the banks without giving it any thought. USA loyalty for sure.

[-] 1 points by geo (2638) from Concord, NC 2 years ago

The article is very misleading. The BEA is NOT a US bank....

"Company Profile

Incorporated in Hong Kong in 1918, The Bank of East Asia ("BEA") is dedicated to providing comprehensive commercial and retail banking services to its customers in Hong Kong, Mainland China, and other major markets around the world.

BEA is the largest independent local bank in Hong Kong, with total consolidated assets of HK$611.4 billion (US$78.7 billion) as of 31st December, 2011. The Bank is listed on The Stock Exchange of Hong Kong and is one of the constituent stocks of the Hang Seng Index. BEA also operates one of the largest networks of any bank in Hong Kong, with 87 branches, 61 SupremeGold Centres and 7 i-Financial Centres throughout the city.

In Mainland China, BEA's operational presence dates back to the opening of the Bank's Shanghai Branch in 1920. Today, BEA Group operates one of the largest networks of any foreign bank, with more than 100 outlets in major urban centres nationwide...

Overseas, BEA has established a presence in North America, the United Kingdom, and Southeast Asia. In addition to the Bank's branches in Los Angeles and New York, the BEA Group serves its North American customers through its New York-based banking subsidiary, The Bank of East Asia (U.S.A.) N.A. Worldwide, including Hong Kong and the rest of Greater China, BEA operates more than 220 outlets and employs over 12,000 people."

http://www.hkbea.com/hk/ci/company_profile/index.htm

[-] 1 points by timirninja (263) 2 years ago

As i understand, banks manipulate money currency which they physically don't have. If someone big wants to crush bank they'll do it if needed. Or at least put some bad acid actives or make certain actives bad, because money for them is virtual.

[-] 1 points by arturo (3169) from Shanghai, Shanghai 2 years ago

We could turn our economy around and rapidly pass the Chinese if we had the political will. It would require first Glass Steagall, then the establishment of a national bank to invest in infrastructure, like FDR did, and a science driver, like JFK's space program.

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[-] 1 points by TrevorMnemonic (5827) 2 years ago

Over 10 trillion dollars created from nothing for private interests since 2008! End the Fed!

Restore primacy to the constitution. End the Fed's manipulation of the economy and our government.

[-] 0 points by writerconsidered123 (344) 2 years ago

lol that's just classic so china banks are making inroads on us banks and another chinese bank cic has holdings in morgan stanley. This is just an inroad wait till china banks have majority ownership of wall st. and the most telling aspect of this story is the source it came from yahoo news CANADA!!!! obviously the us news is trying to bury it if this post doesn't get enough attention keep posting it. this is huge and obama approved it

[-] 0 points by Reneye (118) 2 years ago

Thanks....will do!

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