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Thursday, May 10, 2012

Fed Clears China's First US Bank Takeover

The United States opened its banking market to China's biggest bank ICBC, 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 abroad.

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3 comments:

Anonymous said...

Government oppression/ dissolution of freedoms on the streets, OWS socialism orchestrated with the grace of the White House, political persecution, the DE-moralization of America, the redistributive welfare state, future "flexibility" with Russia, the socialist takeover of the democratic party, Forward!
Now this?
Ronald Reagan is turning over in his grave.
The United States is slowly adopting the communist principle of total corrupt government control we have fought against for 60 years.

NObama 2012

Anonymous said...

And so it begins....America, you get what you vote for. Better wake up soon before the Chicoms own us all.

Anonymous said...

so are you clowns saying that you really wanted a bit of Big Government anti-capitalism to step in and block this business transaction just because big brother says so?