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ICBC's agreement to acquire a controlling stake in a US bank is a major development for the US and Chinese banking markets

  • White & Case LLP
  • -
  • China, USA
  • -
  • February 8 2011

In a groundbreaking transaction, Industrial and Commercial Bank of China Limited, based in Beijing and the world’s largest bank by market capitalization and profitability (ICBC), entered into an agreement with The Bank of East Asia, Limited, a major Hong Kong bank (BEA), to purchase an 80 percent common equity stake in BEA’s subsidiary bank based in New York, The Bank of East Asia (U.S.A.) National Association (BEA-USA