Federal Reserve 'CCS' Determinations Open Door to Chinese Acquisitions of US Banks
The Federal Reserve Board last week approved for the first time a controlling investment by a Chinese bank in a US bank, opening the door for future Chinese acquisitions and investments in the US banking sector. In approving an 80 per cent equity investment by the Industrial and Commercial Bank of China Limited (ICBC) in The Bank of East Asia (US) NA, as well as branch openings by the Bank of China Limited (BOC) and the Agricultural Bank of China Limited (ABC), the Federal Reserve determined that each of the three state-owned Chinese banks is subject to comprehensive consolidated supervision or CCS — the first time such determinations have been made with respect to a Chinese bank.
Click on the link above to download this Cleary Gottlieb briefing.
News from The Lawyer
Analysis from The Lawyer
As the equity capital markets rocketed back into favour and global M&A saw at least a partial return to form, there have been some rich pickings for The Lawyer’s Corporate Team of the Year award shortlisted firms in 2014.
Footie and telecoms dominate our regular round-up of recent M&A activity, as the threat of rising interest rates kick-started activity among organisations.