Standard Bank gains, sells Brazil unit

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StandardBank1111 REUTERS

Johannesburg - Shares of Standard Bank rise 2.3 percent to 127.10 rand after Africa's biggest bank says it will sell its Brazilian unit to billionaire Carlos Slim's Grupo Financiero Inbursa SAB.

The $45 million deal will see Inbursa take over Banco Standard de Investimento, in a key step to expand outside its home market of Mexico.

Standard Bank has been selling off its assets outside of Africa to focus on expanding its business on the continent. - Reuters

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