Industrial & Commercial Bank of China has gained US approval to purchase an American bank, marking a watershed moment for Chinese lenders looking to gain a foothold in the US.
ICBC’s purchase of the US subsidiary of Hong Kong’s Bank of East Asia comes after months of frustration for the Chinese acquirer as the proposed acquisition was scrutinised by US authorities.
It marks the first time the Federal Reserve has allowed a Chinese institution to buy an American bank and industry lawyers said it would spur dealmaking by Chinese institutions, among the biggest banks in the world by market capitalisation.
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