(Chinese) ICBC gets approval to take over US bank

[alp227]

Source: BBC

Industrial and Commercial Bank of China (ICBC) has been given the nod to take over a US bank, the first such US approval for a Chinese firm.

The US Federal Reserve approved state-owned ICBC's plans to acquire the US subsidiary of Bank of East Asia.

This comes just days after high-level economic talks between the US and China in Beijing.

The Fed also gave permission to two other Chinese banks to increase their presence in the US.

Read more: http://www.bbc.co.uk/news/business-18015456

[freshwest]

1. LOL.

[Suji to Seoul]

2. I live in Nanjing. I have an ICBC account. They suck as a bank

you can't sit in the bank without getting a fee. . .and the banks are city to city. Meaning, if opened your account in Shanghai at an ICBC and are in Suzhou (60 miles west) and withdraw money, be prepared to pay a fee (similar to using an out of network ATM card in America).

ICBC sucks.

[cosmicone]

3. They are americanizing!!

That bank would be right at home in the US. May even teach our bankers about new fees.