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US Wants China to Buy into Its Small Banks
Reuters
Wednesday, Nov 18th, 2009
Chinese and U.S. regulators are negotiating a
pact aimed at encouraging Chinese financial institutions to
buy into small and medium-sized banks in the United States,
bankers briefed on the plan said on Tuesday.
Chinese bankers have complained that it's been
difficult for them to set up branches or invest in banks in
the world's leading economy, due partly to U.S. regulators'
tough supervision and strict approval process for financial
deals.
But the global financial landscape has been revamped by the
credit crisis, and cash-rich Chinese banks are now bigger players
on the world scene and are scouting around for investment targets.
To illustrate the global shake-down, Industrial and Commercial
Bank of China is now the world's biggest bank by market value,
while Citigroup [C 4.24 0.06 (+1.44%)], once the world's No.1
bank, is worth the same as a second-tier commercial bank in
China.
Full
article here
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INFOWARS:
BECAUSE THERE'S A WAR ON FOR YOUR MIND
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