ICBC to acquire 80% stake in Bank of East Asia United States

 This acquisition is in the banks on the first U.S. commercial banks acquired a controlling stake, the strategic significance of prominent

Industrial and Commercial Bank of China and Hong Kong Bank of East Asia 23, United announced that they have options on the U.S. Bank of East Asia transactions reached an agreement on January 21 in the United States signed a share sale and purchase agreement in Chicago. Under the agreement, Bank of East Asia ICBC will pay about 1.4 billion U.S. dollars on the price of the acquisition of 80% stake in American Bank of East Asia, Bank of East Asia holds the remaining 20%.

the same time, Bank of East Asia has a put option, in the transaction is completed, the terms of agreement by both parties and dates, will transfer its remaining shares in ICBC.

the two sides will then perform its regulatory approval procedures. After the transaction, ICBC will be responsible for the U.S. operation and management of Bank of East Asia.

ICBC chairman Jiang Jianqing said: enhance the strength of ICBC U.S. institutions to operate. The successful completion of the Chinese banks can raise the overall level of financial services in the United States has laid an important foundation, the two countries will also be open to financial equivalent level to further improve the breadth and depth of an important symbol of bilateral economic and trade exchanges will have an important positive impact.

the final completion of the transaction must also get China Banking Regulatory Commission, the Hong Kong Monetary Authority and the U.S. Federal Reserve Board's approval. According to Xinhua News Agency

background information

American Bank of East Asia

U.S. headquarters in New York Bank of East Asia, Hong Kong holds 100% stake in Bank of East Asia, a wholly owned subsidiaries in the United States and other places in New York and California has 13 branches, with U.S. commercial banking license, the main business retail banking, commercial banking, trade finance and other traditional banking business. As of the end of 2010, 9, Bank of East Asia with total assets of U.S. 7.17 billion.