I originally posted the following information and commentary onto my Facebook wall…
ICBC Gets Approval to Take Over US Bank:
Industrial and Commercial Bank of China (ICBC) has been given the nod to take over a US bank, the first such US approval for a Chinese firm.
The US Federal Reserve approved state-owned ICBC’s plans to acquire the US subsidiary of Bank of East Asia.
This comes just days after high-level economic talks between the US and China in Beijing.
The Fed also gave permission to two other Chinese banks to increase their presence in the US.
My Commentary: And, it begins…