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Fed Approves Chinese Banks to Expand Operations in U.S. Market

Xinhua News
May 10, 2012
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WASHINGTON, May 9 (Xinhua)-- The U.S. Federal Reserve announced Wednesday its approval of China's largest bank to purchase a U.S. bank and two other large Chinese banks to expand their business in U.S. banking market.

The Fed said in a statement that it has approved the Industrial and Commercial bank of China Limited, China's largest bank, and two other Chinese investing firms to become bank holding companies by acquiring up to 80 percent of the voting shares of The Bank of East Asia U.S.A., located in New York city.

The Bank of East Asia U.S.A. has total assets of approximately 780 million U.S. dollars and operates 13 branches in New York and California.

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