ICBC Buys U.S. Broker-Dealer: Report

Industrial & Commercial Bank of China has purchased a U.S. broker-dealer operation from Fortis Securities, according to a media report.
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NEW YORK (

TheStreet

) -- China's largest lender is establishing a beachhead in the U.S. securities market by purchasing a broker-dealer operation, according to a published media report.

Industrial & Commercial Bank of China

has paid $1 for the Prime Dealer Services unit of Fortis Securities, according to a report in

The Wall Street Journal

that cited anonymous sources familiar with the transaction.

The unit is controlled by

BNP Paribas SA

of France and is a small one, with just 75 existing customers, the report said.

ICBC hopes to use the unit to potentially increase its securities underwriting in the U.S. market, the report added, citing the sources.

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This article was written by a staff member of TheStreet.