The Industrial and Commercial Bank of China (ICBC), the largest bank in the world, is seeking to become one of the largest banks in the United States. It is rumored to be seeking to buy the nation’s two largest Chinese American owned banks: East West Bank and Cathay Bank. Within a few years, ICBC could be bigger than Union Bank, Bank of the West, Comerica, Charles Schwab or First Republic Bank. This protest is aimed at the direct and indirect financing of China’s military actions in the South China Sea by ICBC and its discriminatory practices in the United States.
The National Asian American Coalition, along with US Pinoys 4 Good Governance, 75 Black pastors and a number of community groups are prepared to prove that except for Chinese Americans and Chinese citizens, there are no Asian Americans, no Blacks or Latinos in management positions at ICBC. We are also prepared to prove that ICBC does not make loans to most Asian American groups, Blacks or Latinos or invest in minority communities, except for possibly the Chinese community.
Any bank that wishes to expand its market share in the United States is encouraged to do business with, invest in and extend employment and business opportunities to communities in which its branches are located, including low-income minority communities. We encourage ICBC to work with community organizations, as well as the Federal Reserve and the Office of the Comptroller of the Currency to develop a comprehensive Community Reinvestment Act commitment to minority communities.
Date & Location
The protest will take place on Tuesday, August 21st at the Bank of East Asia (recently acquired by ICBC) in Chinatown, San Francisco on the corner of Grant Avenue and Jackson Street. The address is 1001 Grant Avenue, San Francisco, CA 94133.
10:30 am: Assemble outside Bank of East Asia
11:00 am – 12:00 pm: Demonstration will take place
11:15 am: Press conference begins
1:00 pm: Anticipated meeting with Mayor Ed Lee at City Hall
We expect major Asian American media coverage, including from the Japanese, Chinese, Korean, Vietnamese, South Asian and Filipino press. We have also invited the New York Times, Wall Street Journal and major California media to cover the event.
During the protest from 11:00 am to 12:00 pm, protestors will enter the bank to inquire about ICBC’s discriminatory lending practices and its future policies on South China Sea military actions. Protest signs will be made available by NAAC and USP4GG.
Bank of East Asia is located in Chinatown in Downtown San Francisco on the corner of Grant Avenue and Jackson Street. Metered parking is available on the street and there is a parking garage less than 3 blocks south on Kearny Street, between Washington and Clay (Portsmouth Square Garage, 733 Kearny Street, San Francisco, CA 94108).