news report<\/a> today, Industrial & Commercial Bank of China (ICBC) has agreed to a deal to buy US branches of Bank of East Asia of Hong Kong.<\/p>\nICBC is 70% owned by the government of China and is number 13 in The Global 5000 banking sector with approximately $70 billion in revenue. Bank of East Asia is a much smaller bank with just over $1 billion in revenue and is number 128 in the banking sector in The Global 5000.<\/p>\n
While the transaction is interesting to note when Global 5000 companies make moves, this one is more about “watch this space”.\u00a0 Large, Chinese state controlled corporations have been making a lot more global moves recently including recent activity by State Grid in both the Philippines and Brazil. An initial entry by ICBC via acquisition will provide them a platform to learn, grow and expand their business over time in the US market.<\/p>\n
I am sure large, US based banks will be watching — Bank of America, Chase, Citibank, Wells Fargo, US Bancorp, PNC are probably all listening.<\/p>\n
And those who sell products and services to the financial community would be well served by making sure their prospect lists and business relationships have cast a wide enough net to take advantage of a moving, changing landscape that is sure to accelerate in the not too distant future.<\/p>\n","protected":false},"excerpt":{"rendered":"
In a news report today, Industrial & Commercial Bank of China (ICBC) has agreed to a deal to buy US branches of Bank of East Asia of Hong Kong. ICBC is 70% owned by the government of China and is number 13 in The Global 5000 banking sector with approximately $70 billion in revenue. Bank […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[61,67,165],"class_list":["post-426","post","type-post","status-publish","format-standard","hentry","category-news","tag-banks","tag-china","tag-financial-services"],"yoast_head":"\n
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