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The Fed said it would have no comment when asked whether the board actions were linked in any way to progress that had been made at last week's talks. The Industrial and Commerce Bank, China's largest bank with total assets of approximately $2.5 trillion, is 70.7 percent owned by the government of China. The government of China holds similarly large stakes in the other two banks. The Fed gave the Industrial and Commerce Bank and its two partners approval to acquire up to 80 percent of The Bank of East Asia U.S.A. This bank has 13 branches in New York and California and deposits of approximately $621 million.
[Associated
Press;
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