In May the U.S. Federal Reserve approved the first acquisition of a U.S. bank by a stateowned Chinese bank. The Industrial and Commercial Bank of China, the largest bank in China according to asset value and called the “best bank in China” by Euromoney, acquired an 80 percent stake in the U.S. arm of the Bank of East Asia. Despite the modest transaction value of $140 million, the approval caused a stir in the United States. Critics voiced their concerns that ICBC represented “Chinese interests” rather than the interests of a purely commercial bank. ICBC was 70.7 percent owned by the Chinese government.