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Fed says Chinese bank can buy US lender

Decision follows talks on boosting accessibility

By Martin Crutsinger

 |  Associated Press  

  May 10, 2012

The Federal Reserve has for the first time given approval for a large Chinese bank to purchase a U.S. bank. It also gave approval to two other large Chinese banks to expand their operations in the United States. The Fed board announced Wednesday it was approving the application of the Industrial and Commerce Bank of China Limited, China’s largest bank, and two other Chinese firms to purchase The Bank of East Asia U.S.A., located in New York City.

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