Federal Reserve Board announces its approval of the application by Industrial and Commercial Bank of China Limited, China Investment Corporation, and Central Huijin Investment Ltd.

The following press release was published by the Board of Governors of the Federal Reserve System on May 9, 2012. It is reproduced in full below.

The Federal Reserve Board on Wednesday announced its approval of the application by Industrial and Commercial Bank of China Limited, China Investment Corporation, and Central Huijin Investment Ltd., all of Beijing, People’s Republic of China, to become bank holding companies under section 3 of the Bank Holding Company Act of 1956, as amended, by acquiring up to 80 percent of the voting shares of The Bank of East Asia (U.S.A.) National Association, New York, New York.

Attached is the Board’s Order relating to this action.

Board Votes For media inquiries, call 202-452-2955.

Source: Board of Governors of the Federal Reserve System