Did China ICBC ever buy the US Bank of East Asia?

ICBC acquires 80% of Bank of East Asia USA
http://chinahourly.com/world/13611/

The Industrial and Commercial Bank of China (ICBC) has concluded in Hong Kong-based Bank of East Asia and signed an agreement to pay $ 140,230,000 in the ICBC to 80 percent in Bank of East Asia Bank of United States shopping Hong Kong said Sunday in a statement.

Bank of East Asia will retain the remaining 20 percent stake in Bank of East Asia United States, and the two banks signed the agreement in Chicago on 21 January, the statement said.

have to sell at the end of the transaction, Bank of East Asia the option of his remaining stake in ICBC outlines compliance with the conditions and timetable in the agreement, he said.

Both ICBC and Bank of East Asia seek approval in the U.S. and China. Once you're done, ICBC is responsible for the operation and management of Bank of East Asia United States.

The transaction will create a win-win for both sides, "said ICBC President Jiang Jianqing.

The acquisition would enable it to establish, ICBC is a solid presence in the U.S. with a licensed commercial banks in the U.S., ICBC still develop its retail and network operations throughout the country, and by improving the market position, "he said.

"This unprecedented acquisition of a majority stake in a U.S. commercial bank by a mainland bank is of strategic importance," said Jiang.

The success of this operation is not only a good basis for the provision of comprehensive financial services from a bank continental United States, but also a new era of free market cooperation between China and branded the United States and have a positive impact on the Sino- American trade relations, said Jiang.

Bank of East Asia chairman and CEO David Li, said to strengthen the transaction to optimize the allocation of resources to the banking and financial services in key markets where the Bank of East Asia is working.

"Bank of East Asia and ICBC has a strong business relationship, and together we will continue our strategic partnership to benefit our customers to develop all over the world," he said.

Li said that Bank of East Asia would fully support and cooperate with ICBC to regulatory approval in the United States to obtain and ensure the smooth transition of Bank of East Asia U.S. ICBC.

The success of the transaction is subject to approval by the China Banking Regulatory Commission, the Monetary Authority of Hong Kong and the U.S. Federal Reserve, the statement said.

Headquartered in New York, Bank of East Asia USA operates 13 branches in New York and California. He is a licensed commercial bank in the United States and provides services, including retail banking, commercial banking and trade finance, he said.

Bank of East Asia in Hong Kong founded in 1918, is the largest independent local bank in Hong Kong.

In 2009, the Bank of East Asia 70 per cent sold Bank of East Asia (Canada) to ICBC for the U.S. dollar just over 80 million USD.