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First-ever mainland China-based bank to secure Federal Reserve Board approval to acquire a US bank
Representation of Industrial and Commercial Bank of China (ICBC), the largest bank in the world by assets, in its significant US expansion transaction in 2012 involving the acquisition of an 80 percent interest in The Bank of East Asia (USA) National Association.  The successful outcome of the transaction enabled ICBC to become the first-ever mainland China-based bank to acquire and own a US bank by, among other things, meeting the standard for “comprehensive supervision or regulation on a consolidated basis” under US banking law.  The transaction was featured as one of the “Most Innovative M&A Transactions in the United States” by The Financial Times (2012).