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Federal Reserve approves first acquisition in the United States by a Chinese bank

  • Sullivan & Cromwell LLP
  • -
  • China, USA
  • -
  • May 9 2012

On May 9, 2012, the Board of Governors of the Federal Reserve System (the “FRB”) issued an order (the “Order”) approving the acquisition of 80 of the shares of common stock of The Bank of East Asia (U.S.A.) National Association, by Industrial and Commercial Bank of China Limited