ICBC acquires 60% of Standard Bank
Print Edition
THE Industrial and Commercial Bank of China yesterday said it acquired 60 percent of Standard Bank Plc.
Based in London, Standard Bank Plc is the international commodities and foreign exchange arm of Standard Bank Group, the largest African banking group by assets.
ICBC Chairman Jiang Jianqing noted that the liberalization of China’s capital market, the development of offshore yuan business, as well as the acceleration of overseas investment, have combined to drive demand for global business.
“The acquisition of Standard Bank Plc is important for ICBC to proactively deal with this demand,” Jiang said in an official statement.
By leveraging the two global networks and resources, the joint venture could become a global market platform that meets strategic goals.
ICBC, China’s largest commercial bank by assets, bought 20 percent in SBG in 2008 and 80 percent in Standard Bank Argentina in 2012.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
