China buys into Standard Bank unit

Comment on this story
Industrial and Commercial Bank of China REUTERS The company logo of the Industrial and Commercial Bank of China (ICBC).

Argentina had given approval for the Industrial and Commercial Bank of China (ICBC) to take control of the local operations of South Africa’s Standard Bank following a $600 million (R5.2 billion) deal last year, the Chinese lender said yesterday.

ICBC, the world’s biggest bank by market value, will take 80 percent of Standard Bank Argentina and its two affiliates, asset manager Standard Investments and commercial service provider Inversora Diagnol.

Standard Bank will have its stake in all three firms reduced to 20 percent.

Reuters reported on the takeover approval citing an official source who declined to be named. – Reuters

sign up

Comment Guidelines

  1. Please read our comment guidelines.
  2. Login and register, if you haven’ t already.
  3. Write your comment in the block below and click (Post As)
  4. Has a comment offended you? Hover your mouse over the comment and wait until a small triangle appears on the right-hand side. Click triangle () and select "Flag as inappropriate". Our moderators will take action if need be.

  5. Verified email addresses: All users on Independent Media news sites are now required to have a verified email address before being allowed to comment on articles. You are only required to verify your email address once to have full access to commenting on articles. For more information please read our comment guidelines