China to take over US based bank
China Takes Over US a Bank!! Still don't think there is going to be a financial collapse?? Better pay attention to this one!! 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"!! Hell, there's no need to buy goods from China anymore, we'll just hand over our money for free!! WAKE UP AMERICA!!! Bank of China ca.news.yahoo.com/3-big-chinese-banks-enter-us-banking-market-185200086.html Pictures of the first Chinese Bank and where it's located in this link!! www.google.com/hostednews/afp/article/ALeqM5ikIb4Zm-A23NRJEucdMaqr218u5g?docId=CNG.78b82ad13f7837cd34278f68615ba4ad.61 ICBC will buy up to 80 percent of the US unit of the Hong Kong-based Bank of East Asia, which operates 13 branches in New York and California. As part of the deal, ICBC and two state-backed financial firms -- China's sovereign wealth fund, the China Investment Corporation (CIC), and Central Huijin Investment -- will be recognized as bank holding companies, regulated as commercial US banks. According to the Fed, the bank has total assets of roughly $2.5 trillion. www.france24.com/en/20120510-fed-clears-chinas-first-us-bank-takeover WASHINGTON -- 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.The Fed also approved an application by the Bank of China to set up a branch in Chicago and an application by the Agricultural Bank of China Limited to establish a branch in New York City. All three applications were approved after high-level talks last week between the United States and China. In those talks, which were overshadowed by a dispute involving a Chinese dissident, China agreed to let foreigners including U.S. companies have bigger stakes in its securities firms and make other concessions designed to give foreign firms greater access to the U.S. market. Treasury Secretary Timothy Geithner, who along with Secretary of State Hillary Clinton headed up the U.S. side for the annual discussions, said at the conclusion of the talks Friday that China had made "important steps" that would translate "into greater opportunities for U.S. workers and companies." Federal Reserve Chairman Ben Bernanke also participated in last week's discussions in Beijing. The approval by the Fed board, which oversees U.S. bank holding companies, came on unanimous votes. The Chinese applications had been pending for as long as nearly two years. www.usatoday.com/money/industries/banking/story/2012-05-09/chinese-banks-invest-in-us/54858016/1 www.youtube.com/watch?v=peNwZJ1mBXQ
