ICBC completes buying of Bank of East Asia stake

BEIJING - The Industrial and Commercial Bank of China (ICBC), the world's largest lender by market value, on Friday completed its purchase of an 80-percent stake in the Bank of East Asia (BEA), the first time a Chinese lender has taken a controlling interest in a U.S. bank.

With the finalization of the deal, ICBC gained the license to conduct retail banking in the United States and expanded its organization and business network in the country, ICBC Chairman Jiang Jianqing said at a ceremony marking the completion of the transaction.

ICBC will further localize its operations and strengthen cooperation with U.S. financial institutions to better serve U.S. clients and Sino-U.S. economic and trade activities, he said.

The 140-million-U.S.-dollar deal was signed in January 2011 and approved by the U.S. Federal Reserve Board in May.

ICBC had 244 overseas institutions in 34 countries and regions as of the end of the first quarter of this year.

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