The most surprising element of Chinese banks’ global expansion is not that it is happening but rather that it is proceeding so slowly.
When Industrial & Commercial Bank of China this week received approval to buy a US bank, it marked a milestone: it was the first time US regulators had allowed a Chinese institution to acquire control of a US bank.
But the puny size of the deal was a reminder that the overseas ambitions of Chinese banks are most remarkable because of their modesty.
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