Money

Chinese Bank Taking Over U.S. Bank

| by Michael Allen

On Wednesday, the United States opened its banking market to Industrial and Commercial Bank of China (ICBC), China's biggest bank, to buy a majority stake in the US subsidiary of Bank of East Asia.

The takeover will make ICBC the first Chinese state-controlled bank to own retail bank branches in the United States.

ICBC will buy up to 80 percent of the US unit of the Hong Kong-based Bank of East Asia, which operates 13 branches in New York and California.

The  expansion of China into the US market comes after a series of financial reforms in China that could open thei Chinese market to US firms.

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The Fed Reserve said the ICBC proposed acquisition would not have much of an impact: "The combined deposits of the relevant institutions in the Metropolitan New York banking market represent less than one percent of market deposits."