Tuesday, January 25, 2011

Communist China Moves to Open Banks in America

The Wall Street Journal is reporting that China's biggest bank signed an agreement that would make it the first Beijing-controlled financial institution to acquire retail bank branches in the U.S., though regulators could still block the deal.

Under the deal, Industrial & Commercial Bank of China Ltd., by some measures the world's largest bank, agreed to acquire a majority stake in Bank of East Asia Ltd.'s U.S. subsidiary. ICBC, as the bank is known, is based in Beijing and is 70% owned by the [Communist] Chinese government.

Bank of East Asia has a total of 13 branches in New York and California. ICBC and Bank of East Asia have talked to U.S. regulators about the deal.

The move represents what could be the start of big expansions by Chinese financial institutions in the U.S.



Blogger Adeodatus49 said...

I am not surprised. China is awash in U.S. dollars, thanks in part to MaoMart . . . I mean . . . Walmart, and needs some place within its control to stash those dollars!

7:47 PM  
Blogger scotju said...

Fu Manchu livesw!

7:51 PM  

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