3 big Chinese banks to enter US banking market

AFP - The Federal Reserve announced Wednesday that three major Chinese banks have won approval to enter the US banking market.

ICBC, China's biggest bank; Bank of China; and Agricultural Bank of China have been cleared to have branches in the United States, the Fed said.

The Fed authorized Bank of China to set up a branch in Chicago, and Agricultural Bank of China to establish one in New York City.

The board approved an application from Industrial and Commercial Bank of China to buy a majority stake in the US subsidiary of Bank of East Asia, a deal that would make it the first Chinese state-controlled bank to acquire retail bank branches in the United States.

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