ICBC gets nod to buy 80% stake in BEA

BEIJING - The Industrial and Commercial Bank of China (ICBC), the world's largest lender by market value, said Thursday its purchase of an 80-percent stake in the Bank of East Asia (BEA) had won approval from the US authority.

The ICBC said the Federal Reserve Board in the United States had approved the $140-million deal, which was signed in January, 2011, and already approved by the China's banking regulator.

For the deal to be completed, it still needs to follow a series of procedures, the bank said.

ICBC President Jiang Jianqing said earlier that the move would enable the bank to further expand its institutions and business networks in the United States, which will promote its operational strength in the country.

The BEA has 13 branches in the United States, running retail banks, commercial banks and trade finance business.