Chinese bank ICBC signs deal to enter US market

[IDemo]

Source: Yahoo News

BEIJING (AFP) – Chinese bank ICBC, the world's largest by market value, has signed an deal that will allow it to enter the US retail banking market, the Wall Street Journal reported.

ICBC, the Industrial and Commercial Bank of China, has agreed to buy a majority stake in the US subsidiary of Bank of East Asia in a deal that would make it the first Chinese state-controlled bank to acquire retail bank branches in the United States, the paper said in its Saturday edition.

The deal, which still requires the approval of US regulators, was signed Friday in Chicago on the last day of a visit by Chinese President Hu Jintao to the United States.

The price was not revealed but anonymous sources quoted by the Journal said it was around $100 million.

Read more: http://news.yahoo.com/s/afp/20110122/ts_alt_afp/chinaushongkongicbcbankingcompany_20110122053100;_ylt=AtHCx44guiVQ.h0zKvapDj2s0NUE;_ylu=X3oDMTFldjdnc2dtBHBvcwM5OARzZWMDYWNjb3JkaW9uX2J1c2luZXNzBHNsawNjaGluZXNlYmFua2k-

[gateley]

1. Well sure, why not? They essentially own our country anyway. nt

[msongs]

2. instead of waiting for our money they will come here and get it. how thoughtful lol nt

[glinda]

6. Seems a soft sell to scoop it up eventually.

[midnight]

3. I'm not sure what to think..... I thought the Chinese were opening their markets to us...

[54anickel]

4. Well, they would have plenty of US$ to lend out, wouldn't they? n/t

[aquart]

5. Does this screw Goldman Sachs in any way?

[DCKit]

7. Only if they've got bigger sharks swimming in their tank.

However, it should be clear (by now) what Goldman's tactics and tricks are. Any international bank that falls into one of their honeypots deserves to get burnt.

The one thing I might be concerned about is Goldman's continued interception and front-running of trades. With another huge player on the block, they could limit their business to that, and still make a freakin' killing.

[leveymg]

8. HSBC has already taken over retail banking in NYC and much of the east coast.

HSBC for those who don't know is the Hong Kong Shanghai Banking Corp. which owns the junk mortgage giant Beneficial/HFC.

All bow to our new financial emperor!

[indimuse]

9. LOL! bravo! N/T!

[JJW]

10. Predators

Seeing how US banks are predators, one has to welcome foreign banks.

[Joanne98]

11. Now they'll put banksters out of work! YAY!