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Federal Reserve Approves Chinese Takeover Of American Bank

05/09/2012 • The Associated Press on CBS

The Federal Reserve has for the first time given approval for a large Chinese bank to purchase a U.S. bank. It also gave approval to two other large Chinese banks to expand their operations in the United States. The Fed board announced Wednesday it was approving the application of the Industrial and Commerce Bank of China Limited, China’s largest bank, and two other Chinese firms to purchase The Bank of East Asia U.S.A., located in New York City.

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