Skip to main content

The Globe and Mail

China's ICBC to buy stake in U.S. retail bank: WSJ

China's ICBC said Thursday that profit for the first six months of 2010 was 84.6 billion yuan or $12.4-billion (U.S.).

DAVID GRAY/David Gray/Reuters

Industrial and Commercial Bank of China agreed to acquire a majority stake in the Bank of East Asia's U.S. unit, making it the first Chinese lender to buy into a U.S. retail bank, the Wall Street Journal reported on its website Friday.

The two banks were mentioned in a preliminary list of companies that were expected to participate in a contract signing ceremony at the U.S.-China Trade and Economic Cooperation Forum.

The U.S. head of Bank of East Asia was not immediately available to comment.

Story continues below advertisement

The deal, which comes on the last day of Chinese President Hu Jintao's visit, is likely to be carefully reviewed by U.S. regulators, the Journal reported, citing an unnamed source.

Report an error
As of December 20, 2017, we have temporarily removed commenting from our articles. We hope to have this resolved by the end of January 2018. Thank you for your patience. If you are looking to give feedback on our new site, please send it along to If you want to write a letter to the editor, please forward to