Standard Bank: London unit on ICBC’s radar

Standard Bank was in talks to sell its markets business in London to its biggest shareholder, Industrial and Commercial Bank of China (ICBC), for more than $500 million (R4.9 billion), two people familiar with the matter said yesterday. The transaction would include Standard Bank’s commodities, foreign exchange and interest rate trading operations. No one was immediately available for comment at ICBC. A Standard Bank spokesman said the two lenders were “jointly exploring areas of greater co-operation, including global markets and commodities”. – Reuters