For First Time Ever, Federal Reserve Permits Chinese Bank to Take Over American Bank

I originally posted the following information and commentary onto my Facebook wall…

ICBC Given Permission to Take Over US Subsidiary of Bank of East Asia

ICBC Given Permission to Take Over US Subsidiary of Bank of East Asia

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.

(Read entire article here…)

My Commentary: And, it begins…

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