ICBC to buy 80% stake in BEA US branch

Industrial & Commercial Bank of China intends to spend $140 million to acquire an 80 percent stake in The Bank of East Asia's American branch.

According to Jiang Jianqing, the board president of ICBC, the acquisition can expand the bank's business network and improve operating capabilities in the U.S.

The acquisition still needs approval from the China Banking Regulatory Commission, the Hong Kong Monetary Authority and the Board of Governors of the Federal Reserve System.