China bank buys US stakes
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 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./.
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