Washington Post,Sept. 19, 2008 on page D2: Bank of China buys into Rothschild: Bank of China and French bank Rothschild announced a deal to develop private banking and asset-management service for China's newly rich.
Bank of China said it will buy a 20% stake in La Compagnie Financiere Edmond de Rothschild for $340 million, and the two will develop private banking and asset-management services. Such news would be good reference for American banks.
China's Industrial and Commercial Banking Corporation(ICBC) will have a new branch office in New York starting in October 2008.
It is known that Bank of America bought 10% stake in China Construction Bank years ago. Such is Sino-American Economics in action with more actions in the days to come for mutual benefit.
Francis Shieh a.k.a. Xie Shihao. September 19, 2008 at 11 a.m.