Federal reserve approves first Chinese acquisition of a U.S. bank and provides roadmap for international acquisitions *

China, USA - May 21 2012
Industrial and Commercial Bank of China Limited ("ICBC") and its two controlling shareholders, China Investment Corporation ("CIC") and Central Huijin Investment Limited ("Huijin"), are the first Chinese organizations approved by the Board of Governors of the Federal Reserve System ("Board" or "Federal Reserve") to acquire a U.S. bank under the Bank Holding Company Act of 1956, as amended (the "BHC Act").

Co-authors: Ralph F. MacDonald III, Winston (Jiusu) Zhao, Bruce W. Raphael, Brett P. Barragate, John C. Ahern .