Apologies for the URL redirect, but I found it via google news.
Industrial & Commercial Bank of China has gained US approval to purchase an American bank, marking a watershed moment for Chinese lenders looking to gain a foothold in the US.
The Fed said that the decision was “specific to ICBC” but industry lawyers said it was a clear sign that the Fed was likely to approve acquisitions by other Chinese banks and future acquisitions from ICBC. Mr Patrikis predicted more acquisitions but said Chinese banks would “proceed at a logical, thoughtful pace”
Because the US has already been in bed with China for a long time?
"When a Library expels a book of mine and leaves an unexpurgated Bible lying around where unprotected youth and age can get hold of it, the deep unconscious irony of it delights me and doesn't anger me." --- Mark Twain
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.
OK let's hear how you feel about this.It's been low key, but it seems like a big deal to me.Not sure it's a bad thing yet (don't have enough info) but it defiantly is an indication of the way things are moving here
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