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ICBC Reaches Deal To Acquire Bank of East Asia's US Assets
Industrial and Commercial Bank of China and the The Bank of East Asia jointly announced that they have reached an agreement on the sale and purchase of BEA USA.
In a statement, the firms said that ICBC will acquire 80 per cent of BEA USA for approximately $140 million, while BEA will retain a 20 per cent stake. Upon completion of the deal, BEA will retain the put option to sell its remaining shares to ICBC subject to the terms in the agreement. The transaction is now awaiting regulatory approval from the US and the People's Republic of China.
"The transaction will create a win-win situation for both parties. Our acquisition will enable us to establish a solid presence in the US," said Dr Jiang Jianqing, chairman of ICBC.
Upon completion of the deal, ICBC will be responsible for the operation and management of BEA USA.
