WASHINGTON -- The Federal Reserve has for the first time given approval for a large Chinese bank to purchase a U.S. bank. It also gave approval to two other large Chinese banks to expand their operations in the United States.
The Fed board announced Wednesday it was approving the application of the Industrial and Commerce Bank of China Limited, China's largest bank, and two other Chinese firms to purchase the Bank of East Asia U.S.A., in New York City.
The Fed also approved an application by the Bank of China to set up a branch in Chicago and an application by the Agricultural Bank of China Limited to establish a branch in New York City.
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