Chinese Bank Buys New York-Based Lender, Which is Good Because U.S. Bankers Don’t Want to Work in China

Or so said the PwC report released this week, which found that 72 percent of financial services employees born in

Or so said the PwC report released this week, which found that 72 percent of financial services employees born in or after 1980 expected to complete an overseas assignment at some time in their career, but that only 8 percent are willing to work in India and 1 percent in mainland China.

So let China come to them! And indeed, because the Federal Reserve gave the Industrial and Commerce Bank of China  the nod to purchase The Bank of East Asia U.S.A., based here in New York. It’s the first time the Fed has given a large Chinese bank approval to buy a bank on U.S. soil, according to the AP, and the result of negotiations that included Ben Bernanke and Timothy Geithner.

The Industrial and Commerce Bank is China’s largest bank with assets totaling about $2.5 trillion, and is 70.7% owned by the government of China. The Chinese bank, along with two partners, have Fed approval to buy as much as 80% of the Bank of East Asia U.S.A., which has 13 branches in New York and California and deposits of approximately $621 million.

 

 

 

 

 

Chinese Bank Buys New York-Based Lender, Which is Good Because U.S. Bankers Don’t Want to Work in China