Cleary Gottlieb

International Top 30 position: 13
International 50 position (Asia-Pacific): 40

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.

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