On May 9, 2012, the Federal Reserve Board (‘‘FRB’’) released three orders approving investments in the U.S. banking market by entities based in China. The investments, which consist of the acquisition of 80 percent of a national banking association and the establishment of two foreign branch offices, are particularly notable because the investments are coming from China, the Chinese Government will be an indirect owner of a national bank, and the conclusions that the FRB draws regarding the financial regulatory system of China are significant and will facilitate greater investment in U.S. banking organizations by Chinese-based companies in the future (98 BBR 841, 5/15/12).

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