Deal shows ICBC palate for resources
Print Edition
Standard Bank yesterday said it would sell a 60 percent stake in its London-based markets unit to the Industrial and Commercial Bank of China for US$765 million, as Africa’s top lender continues to cut operations outside the continent.
The deal also reflects a growing appetite by the ICBC to trade commodities as well as consume them.
Standard Bank, which is 20 percent owned by ICBC, China’s biggest lender, has been hiving off its operations outside Africa to focus on fast growing sub-Saharan markets.
ICBC will acquire 60 percent of the London-based markets business, which focuses on commodities, fixed income, currencies, credit and equities products.
ICBC will also be granted a five-year option to buy another 20 percent for cash.
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