Fed Gives Green Light for Controlling Investments in U.S. Banks By Mainland Chinese Entities

On May 9, 2012, the Board of Governors of the Federal Reserve System (Federal Reserve) announced its approval of an application submitted by Industrial and Commercial Bank of China Limited (ICBC), China Investment Corporation (CIC), and Central Huijin Investment Ltd. (Huijin), all based in the Peoples Republic of China, to become bank holding companies pursuant to Section 3 of the Bank Holding Company Act of 1956, as amended (BHCA). ICBC, CIC and Huijin had applied to acquire up to 80% of the voting shares of The Bank of East Asia (U.S.A.) National Association (BEA-USA), located in New York City.

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