NEW YORK (CNNMoney) -- The Federal Reserve gave three state-owned Chinese banks its stamp of approval Thursday to expand their presence in the United States.
The central bank accepted an application from Industrial and Commerce Bank of China Ltd. (IDCBY) (ICBC), along with China Investment Corporation and Central Huijin Investment, to become bank holding companies by purchasing up to an 80% stake in New York-based Bank of East Asia U.S.A.
The approval marks the first time the Fed has allowed any large Chinese bank to purchase a U.S. bank, and it could boost merger and acquisition activity "as Chinese banks may look to acquire regional banks in order to establish a U.S. footprint, said Guggenheim senior policy analyst Jaret Seiberg, in a research note.
ICBC entered into an agreement with the Bank of East Asia in January 2011, and has been waiting for the Fed's okay.
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http://money.cnn.com/2012/05/09/markets/china-banks-us-expansion/index.htm?iid=HP_LN
Realist - Everybody in America is soft, and hates conflict. The cure for this, both in politics and social life, is the same -- hardihood. Give them raw truth.
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