Fed clears China's first US bank takeover

Fed clears China's first US bank takeover
Yahoo News

Well it looks like a Chinese bank, Industrial and Commercial Bank of China is "buying in" a majority stake in the US subsidiary of Bank of East Asia.

This of course makes China a larger "stockholder" in the FED.


The Fed had an interesting comment:

The Fed said Wednesday that the ICBC proposed acquisition, which is "relatively small," would not have much of an impact on the banking market.

"The combined deposits of the relevant institutions in the Metropolitan New York banking market represent less than one percent of market deposits," the central bank noted.

but what about the future ?

The United States on Wednesday opened its banking market to ICBC, China's biggest bank, for the first time clearing a takeover of a US bank by a Chinese state-controlled company.

Just days after high-level US-China economic talks in Beijing, the Federal Reserve approved an application from Industrial and Commercial Bank of China to buy a majority stake in the US subsidiary of Bank of East Asia.

The transaction will make ICBC the first Chinese state-controlled bank to acquire retail bank branches in the United States.

ICBC has been the most aggressive of China's "big four" banks in expanding overseas.

According to the Fed the bank has total assets of roughly $2.5 trillion.

Dangerous ? Or is it just "Progress" ?

Like a game of chess, China will advance and strike on the pieces one at time, with the District of Columbia cutting a deal with them to save the king and queen and you can have the pawns and let us keep some other pieces just to make it look like we are still in the game and our honor is maintained...

Dangerous

Because if they ever needed "Bailed Out" to the tune of 2.5 trillion dollars enough money has gone to the foreign bank bailouts and now the Us borrows from China we buy their products and now we are banking from them?

Wow.

Back in the 80's people thought we were turning Japanese fast forward to now we literally are turning Chinese.

We work for China now guess its only fitting we bank with them

Oh hell stick a fork in us were done.