Standard Bank may sell 60 per cent stake of UK commodities to ICBC

South Africa's Standard Bank may sell 60 per cent of its UK commodities and foreign exchange trading businesses to the Industrial & Commercial Bank of China (ICBC) for at least US$600mn
According to a Wall Street Journal report, in a couple of years, the ICBC will also have the right to increase its stake in Standard Bank to 80 per cent.

China’s biggest bank by assets, ICBC, already has a 20 per cent shareholding in Standard Bank, which is Africa’s most valuable lender.

Standard Bank has refused to comment on the matter, although it confirmed that it would continue co-operating with the Chinese bank.

It said in a statement, “Following the acquisition of a 20 per cent stake in the Standard Bank by ICBC announced in October 2007, a formal co-operation agreement was signed, and which is underpinned by several workstreams, including Resource Banking.

“As part of this agreement, Standard Bank continues to deepen all areas of co-operation as originally envisaged.”

Source: AfricanReview