Fed clears China's first US bank takeover

Started by walkstall, May 09, 2012, 08:29:39 PM

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walkstall

 :popcorn:

snip~
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.

more @
http://ca.news.yahoo.com/3-big-chinese-banks-enter-us-banking-market-185200086.html
A politician thinks of the next election. A statesman, of the next generation.- James Freeman Clarke

Always remember "Feelings Aren't Facts."

Solar

I always say, follow the money.
These greedy fuckers could care less what effect this has to our future, they only care about themselves.

Yep, follow the money, right back to the DNC.
Official Trump Cult Member

#WWG1WGA

Q PATRIOT!!!

hokiewoodchuck

I made a statement on another thread that China would love to see the IMF leave the US........damn if they aren't gonna try. Get control of the banks, devalue the money domestically and move the IMF out of the US to Europe. Which in the end will help bolster the Euro and weaken the dollar.

Damn I hate this new world economy.
I thought I was wrong one time but I was mistaken.