ICBC expands to Canada

In parallel deals, China's largest bank agrees to buy Bank of East Asia's Canada business and relinquishes control of ICEA Finance.

Industrial and Commercial Bank of China Limited ICBC will buy a controlling stake in BEA Canada from The Bank of East Asia BEA and sell its portion of ICEA Finance Holdings to the same bank.

China's largest bank, ICBC, will buy 70% of BEA Canada for C$80.25 million $73 million. The remaining 30% will continue to be owned by BEA. Twelve months after the deal closes, ICBC will have an option to call a further 10% stake...

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