A news report came across the wires earlier announcing that the Fed had approved the acquisition of the US branches of the Bank of East Asia by ICBC, the Chinese bank. This has been a year in the making as we covered back in Jan 2011 in this article. That is when it was announced and the approval has taken just over a year and announced now. Of course, the interesting aspect here is that ICBC is 70+% owned by the Chinese government.
We invite our readers here to search this site for the term China to get a good sense of the various activities by the Chinese government and the China based organizations.
Obviously, this is an interesting development on many levels when a foreign government opens a branch bank in the US – but from a B2B marketing perspective, this helps drive home the point about globalization and the need to not have blinders on when identifying key markets. The questions to ask here are all about your strategy of identifying key prospect accounts and begin engaging with them. It does not always have to begin in the US where these branches and US operations are located. Rather, it should extend from the relationship of the parent company in China. Has your organization establish that database with a global view?
If not — it is time.
You can get the full Global 5000 database on this page