The Industrial and Commercial Bank of China, said to be the world’s biggest, signed a deal to buy an 80-percent stake worth 100 million USD of the US subsidiary of the Bank of East Asia on Jan. 21.
The agreement came by the time China ’s President Hu Jintao concluded his four-day visit to the US .
The deal still has to wait for approval from US managers. If approved, this will be the first US financial institution to be controlled by a Chinese State bank.
The Hong Kong-based Bank of East Asia has 13 branches in the United States./.
