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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.

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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.

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