~ AND SO IT BEGINS: Enter The Dragon – China Bank Moves To Buy US Branches...!! ~

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

~ AND SO IT BEGINS: Enter The Dragon – China Bank Moves To Buy US Branches...!! ~

~ From the article:

Didn’t take much of an imagination to see this one coming…

(WSJ) CHICAGO—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.

~ The article, from the website:

[link to sadhillnews.com]

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

~ NOTE: Please see also my other thread on this subject:
Thread: ~ WORSE AND WORSE: Chinese Bank ICBC Signs Deal To Enter US Market...!! ~