Three Chinese banks to enter US mkt

The Federal Reserve announced today that three major Chinese banks have won approval to enter the US banking market.

ICBC,China’s biggest bank; Bank of China; and Agricultural Bank of China have been cleared to have branches in the United States,the Fed said.

The Fed authorized Bank of China to set up a branch in Chicago,and Agricultural Bank of China to establish one in New York City.

The board approved an application from Industrial and Commercial Bank of China to buy a majority stake in