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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

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