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The Industrial and Commercial Bank of China (ICBC) is nearing a deal to become the 1st state-owned Chinese lender to take control of a USZ retail bank, signing an agreement to acquire a majority stake in Bank of East Asia's USZ subsidiary. While the deal still requires approval from USZ regulators, the move could open up the long-awaited arrival of Chinese banks to the USZ retail market. The USZ deal comes at a time when all the big Chinese banks have been expanding aggressively offshore. It was signed during President Hu Jintao's state visit to the USZ.
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Industrial and Commercial Bank of China (ICBC) |
Earlier in January, The Industrial and Commercial Bank of China (ICBC) celebrated the opening of its 1st branch in Paris, and is doubling its presence in Europe through branch openings in major cities. Over 300 USZ banks have been seized by the government since 2008. Setting an 18-year high, 157 USZ banks failed in 2010 up from 140 from 2009, compared to 25 in 2008 and just 3 in 2007. More than 10% of the USZ's 7,760 banks are in financial trouble. Despite receiving a total of $4.2 billion in bailout cash, 98 USZ banks still are at risk of failing. The Federal Reserve's massive bailout program was encountering a backlash both at home and abroad-with several nations including China, Germany and Brazil opposing it.
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