| For immediate release |
|
The Federal Reserve Board today announced the issuance of an
Order against The International Commercial Bank of China, Taipei,
Taiwan.
The International Commercial Bank of China, without admitting to any allegations, consented to the issuance of the order in connection with allegations that it failed to file a complete application when it acquired the Chinese American Bank, New York, New York, and that it failed to fully and correctly file accurate reports with the Federal Reserve. The order requires The International Commercial Bank of China to submit a plan to sell its interests in the Chinese American Bank. The order also requires The International Commercial Bank of China to pay a civil money penalty in the amount of $5 million and its profit of $17,320,000 from its acquisition and control of the Chinese American Bank. The issuance of the order by the Board does not relate in any manner to the condition or activities of the Chinese American Bank, and the divestiture of the bank by The International Commercial Bank of China should not affect the bank's operations. A copy of the order is attached. |
| Order (246 KB PDF) |