ICBC agrees to buy Canadian arm of BEA

Industrial & Commercial Bank of China Ltd has agreed to buy control of Bank of East Asia Ltd's Canadian unit, gaining a foothold for expansion in North America with its first acquisition on the continent.

ICBC is taking a 70 percent stake in Bank of East Asia Canada for about C$80.25 million.

The bank is making the Canadian foray to "learn the lay of the land and decide whether or not to make a bigger push", John Aiken, an analyst with Dundee Securities Corp, said. "ICBC has the potential to deploy a ton of capital within the domestic marketplace if they so choose."