ICBC To Buy $140M U.S. Retail Bank Stake
Industrial & Commercial Bank of China will acquire a stake in the U.S. unit of Bank of East Asia.
Industrial & Commercial Bank of China (ICBC) will acquire a stake in the U.S. unit of Bank of East Asia, Bloomberg reports. ICBC will purchase the Hong Kong bank’s 80% stake for about $140 million. The banks are seeking regulatory approval in the U.S. and in China for completing the transaction. The U.S. operations of Bank of East Asia include 13 branches and $425.2 million in domestic deposits at the end of September 2010.
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