Member access

4-Traders Homepage  >  Shares  >  SHANGHAI STOCK EXCHANGE  >  Bank of China Limited    601988   CNE000001N05

BANK OF CHINA LIMITED (601988)

20
SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector news 

Federal Reserve Approves Expansion Of Three Chinese Banks In US

05/09/2012 | 02:46pm US/Eastern
   By Michael R. Crittenden 
   Of  

The Federal Reserve said Wednesday it approved the expansion of the U.S. operations of three of China's largest banks, including the first acquisition of a U.S. bank by a Chinese bank.

The Fed said it had approved applications from the Bank of China Ltd. and Agricultural Bank of China Ltd. to establish new branches. The central bank also approved an application by China's largest bank, Industrial and Commercial Bank of China Ltd., to become a bank holding company through its acquisition of The Bank of East Asia.

The five Fed board members voted unanimously in favor of each of the applications, which come from the first, third and fourth largest banks in China. All of the banks are at least 70% owned by the Chinese government and had at least $1.85 trillion in assets at the end of last year.

-By Michael R. Crittenden, of Dow Jones Newswires; michael.crittenden@dowjones.com; 202-862-9273

React to this article
Latest news on BANK OF CHINA LIMITED
01:34a BOC HONG KONG : Bank of China may transfer ASEAN assets to BOCHK
05/21DJBANK OF CHINA : May Inject Southeast Asian Assets Into BOC Hong Kong
05/19 BANK OF CHINA : Issued Report for Q2 2015 Economic and Financial Outlook
05/19DJASIA MARKETS : China Stocks Jump The Most In Four Months On Reform Plan
05/19DJASIA MARKETS : China Stocks Jump The Most In Four Months On Reform Plan
05/18 BANK OF CHINA : to set up branch in town
05/15 Bankers tempted by lucrative prospects of Internet finance
05/15 Bankers tempted by lucrative prospects of Internet finance
05/15 BANK OF CHINA : Yuan-rouble settlement to help expand China-Russia financial coo..
05/15 BANK OF CHINA : Yuan-rouble settlement to help expand China-Russia financial coo..
Advertisement
Chart
Duration : Period :
Bank of China Limited Technical Analysis Chart | 601988 | CNE000001N05 | 4-Traders
Income Statement Evolution
More Financials
Dynamic quotes  
ON
| OFF