U.S. Fed approves Bank of East Asia's application to upgrade Los Angeles branch
WASHINGTON (Reuters) - The Federal Reserve Board on Friday said it had approved an application by Hong Kong's Bank of East Asia Ltd <0023.HK> to upgrade its existing Los Angeles operation to a full-service branch.
Bank of East Asia is Hong Kong's oldest bank and is majority-owned and controlled by its founding Li family. Activist investor Elliott Management Corp owns over 8 percent of the bank's outstanding shares.
(Reporting by Michelle Price; Editing by Jonathan Oatis)
