The Wall Street Journal reported earlier this week that the Federal Reserve has given its stamp of approval for three Chinese, state-run banks to open operations in the U.S. For years, Chinese banks have made attempts to expand in the U.S. and up until now, have been unsuccessful.
One of the approved banks has already made an acquisition of a retail bank network in the U.S. The approvals mean more acquisitions like this could be on the horizon. In the nearer-term, the arrival of the Chinese, government-backed institutions mean another competitor in the field of small business and commercial lending.
For China, this represents another step in an ongoing effort to gain exposure to international investors. To read the full story in the Wall Street Journal, click here.