Bank of East Asia News

The Cathy Bank which first opened in Los Angeles Chinatown as the first Chinese-American commercial bank in California, and later in New York.

The Federal Reserve Board made history this past week, for the first time giving approval for a Chinese bank to purchase a U.S. bank.

Edited and translated by People's Daily Online The Federal Reserve Board recently approved the joint purchase of at most 80 percent of the stock right of the Bank of East Asia by the Industrial and Commercial Bank of China, the China Investment Corporation and the Central Huijin Investment Ltd.

For the first time in its history, the Federal Reserve has cleared a Chinese state-controlled bank to take over a U.S. bank, and it may come not a moment too soon.

The Federal Reserve on Wednesday announced a series of approvals for some of China's biggest government-controlled banks to set up bank holding companies and expand existing operations in the United States.

Three, maybe four, foreign and Hong Kong banks stand out as having a strong foothold in mainland China that should propel their growth there.

The United States will quicken its examination and approval for Chinese financial institutions that apply to invest in the US, as part of the achievements in the fourth round of the China-US Strategic and Economic Dialogue.

Hong Kong is an economy of only seven million people yet home to many businesses that have grown far beyond its shores.