Originally Posted by
AandT
BOA owns a small percentage of CCB... not sure the exact amount. Used to be 9 percent I believe but BOA sold a portion last year I think.
For my atm needs I use CCB almost exclusively and have a backup account that I use at BOC if needed.
TMK, they've held the maximum allowable percentage of shares that a foreign investors are allowed ever since the ~2005 WTO, which might be as high as 40% by now (the limits have increased every year, and won't cross 50% for the foreseeable future).
As part of this arrangement, BofA was required to close its Shanghai branch only a few years after it opened.
Other US banks are playing the same game, but no others have substantial holdings in top 5 players (tmk, I'm not so current on this stuff any more).