Industrial & Commercial Bank of China, the Asian country’s largest lender, bought a U.S. unit of Fortis Securities for $1.
ICBC is the world’s largest bank by market value and is 70% owned by the Chinese government, The Wall Street Journal said. ICBC bought the unit from France’s BNP Paribas (BNPQY).
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The unit is small, with 75 existing customers and a balance sheet of $10…
Continue reading China’s ICBC Buys Fortis U.S. Unit for $1
China’s ICBC Buys Fortis U.S. Unit for $1 originally appeared on DailyFinance on Mon, 01 Nov 2010 08:30:00.
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