Dragon eats Eagle: Chinese bank buys US branches of Bank of East Asia

The largest bank of China, the Industrial & Commercial Bank of China Ltd (ICBC) has bought 13 branches of the Bank of East Asia, which was a Hong Kong based bank.  This comes less than two months after ICBC bought Fortis' US broker for 1$.  Via WSJ:

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,WJ 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.

China's largest bank, Industrial & Commercial Bank of China Ltd., is the first Chinese bank to acquire a U.S. deposit-taking bank. Ken Brown explains why it could be the start of big expansions by Chinese financial institutions in the U.S.

The move represents what could be the start of big expansions by Chinese financial institutions in the U.S.  
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The ICBC Fortis deal:  ICBC buys US broker operations from Fortis

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