China's ICBC takes controlling interest in US bank

ICBC became the first Chinese lender to take a controlling interest in a U.S. bank after completing its 80-percent purchase of BEA.

With the finalization of the deal, the Industrial and Commercial Bank of China gained the license to conduct retail banking in the United States and expanded its organization and business network in the country, said ICBC Chairman Jiang Jianqing.

ICBC will further localize its operations and strengthen cooperation with U.S. financial institutions to better serve U.S. clients and Sino-U.S. economic and trade activities, he said.

The 140-million-U.S.-dollar deal was signed in January 2011 and approved by the U.S. Federal Reserve Board in May.

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