The Industrial and Commercial Bank of China (ICBC), the world's largest lender by market value, said on Thursday it had completed the acquisition of a 70 percent stake of the Bank of East Asia (Canada).
The ICBC bought the 70 percent stake for C$80.25 millon ($75.87 million), while the Bank of East Asia holds the remaining 30 percent.
The ICBC also sold 75 percent of the share capital of ICEA Finance Holdings Ltd to the Bank of East Asia.
After the transaction, ICBC becomes a controlling shareholder of Bank of East Asia (Canada). ICEA Finance Holdings, which is originally a joint venture of ICBC and Bank of East Asia, is wholly a subsidiary of the latter.
An official with ICBC said the transaction was conducive to expanding the bank's business in North America and also helped it focus more on investment banking in Hong Kong.