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