ICBC confirmed the acquisition of 80% stake in Bank of East Asia will be the United States banking license

 BEIJING, Jan. 23 (Xinhua Jia Jingfeng) 23 Industrial and Commercial Bank of China confirmed to reporters the night, ICBC and Bank of East Asia Bank of East Asia has been on the U.S. equity trading agreement, ICBC will pay Bank of East Asia of about 1.4 billion price of the acquisition of Bank of America 80% stake in East Asia . ICBC chairman Jiang Jianqing said the bank is in the first U.S. commercial banks, the acquisition of a controlling stake, with

Under the agreement, the bank acquired 80% stake in the U.S., after Bank of East Asia, Bank of East Asia holds the remaining 20% stake. Bank of East Asia also has a put option, after completion of the transaction can be transferred to the remaining shares of 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.

Jiang Jianqing said the acquisition will enable the bank to obtain U.S. commercial banking license in the United States to fill gaps in the retail banking license, which is also owned banks in the first U.S. commercial banks controlling stake acquisition, strategic prominence.

Jiang said that, if successful completion of this acquisition, both for the Chinese banks to enhance 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 trade between the two countries will have an important positive impact.

American Bank of East Asia Bank of East Asia Limited, a wholly owned subsidiary, American Bank of East Asia in May 2006 acquisition of San Francisco City National Bank, the bank has 13 branches in the United States, the main retail banks, commercial banks, trade finance business, as of Q3 2010, the total assets of $ 717,000,000 line. (End)