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China banks strengthen foothold in us with ok for purchase,expansion by efwegbe erergeer
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China banks strengthen foothold in us with ok for purchase,expansion |
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Business,Business News,Business Opportunities
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WASHINGTON -- The Federal Reserve has for the first time givenapproval for a large Chinese bank to purchase a U.S. bank. It alsogave approval to two other large Chinese banks to expand theiroperations in the United States. The Fed board announced Wednesday it was approving the applicationof the Industrial and Commerce Bank of China Limited, China'slargest bank, and two other Chinese firms to purchase The Bank ofEast Asia U.S.A., located in New York City.
The Fed also approved an application by the Bank of China to set upa branch in Chicago and an application by the Agricultural Bank ofChina Limited to establish a branch in New York City. All three applications were approved after high-level talks lastweek between the United States and China. In those talks, which were overshadowed by a dispute involving aChinese dissident, China agreed to let foreigners including U.S.companies have bigger stakes in its securities firms and make otherconcessions designed to give foreign firms greater access to theU.S. market.
Treasury Secretary Timothy Geithner, who along with Secretary ofState Hillary Clinton headed up the U.S. side for the annualdiscussions, said at the conclusion of the talks Friday that Chinahad made important steps that would translate into greateropportunities for U.S. workers and companies. Federal Reserve Chairman Ben Bernanke also participated in lastweek's discussions in Beijing.
The approval by the Fed board, whichoversees U.S. bank holding companies, came on unanimous votes. TheChinese applications had been pending for as long as nearly twoyears. The Fed said it would have no comment when asked whether the boardactions were linked in any way to progress that had been made atlast week's talks. The Industrial and Commerce Bank, China's largest bank with totalassets of approximately US$2.5 trillion, is 70.7 percent owned bythe government of China.
The government of China holds similarlylarge stakes in the other two banks. The Fed gave the Industrial and Commerce Bank and its two partnersapproval to acquire up to 80 percent of The Bank of East AsiaU.S.A. This bank has 13 branches in New York and California anddeposits of approximately US$621 million. I am Chocolate Fountains writer, reports some information about flexible cutting boards , maple cutting board.
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