ICBC, CIC, and Central Huijin Get Fed Approval to Acquire US Retail Bank Shares
The Industrial and Commercial Bank of China Limited (ICBC), China Investment Corporation, and Central Huijin Investment Ltd. received approval from the Federal Reserve on Wednesday to acquire shares of a bank unit. ICBC is on a campaign to acquire overseas assets to reduce exposure in the domestic market. In addition, Chinese banks are eager to have a footprint in the United States.
The deal involves allowing ICBC to acquire up to 80% of the voting shares of the US unit of Hong Kong-based Bank of East Asia. This bank’s unit has thirteen branches in New York and California.
ICBC is the biggest bank in China and has approximately $2.5 trillion in assets.
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