Politics
Out of context: Reply #14531
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China Bank Moves to Buy U.S. Branches
http://online.wsj.com/article/SB…
China's biggest bank signed an agreement that would make it the first Beijing-controlled financial institution to acquire retail bank branches in the U.S., though regulators could still block the deal.
Under the deal, Industrial & Commercial Bank of China Ltd., by some measures the world's largest bank, agreed to acquire a majority stake in Bank of East Asia Ltd.'s U.S. subsidiary. ICBC will pay $140 million for an 80% stake. Bank of East Asia, which is a publicly traded company based in Hong Kong, has a total of 13 branches in New York and California. ICBC and Bank of East Asia have talked to U.S. regulators about the deal, these people said.
If ICBC's deal to acquire Bank of East Asia's U.S. subsidiary goes through, Americans could walk into the retail branches, open check and savings accounts and, most significantly for many investors, open yuan accounts to trade the currency.
ICBC, as the bank is known, is based in Beijing and is 70% owned by the Chinese government. It has become increasingly comfortable venturing outside its home markets, which still account for the bulk of its profit.
- Red dawn...********
- Just kidding. But its pretty funny how this doesn't panic conservatives, but a few Muslims with exploding shoes and underwear do********
- and underwear do********
- i think this should be of concern to all US citizens. C.R.E.A.M.mrghost
- Red dawn...