All data is delayed
Loading...
See More

Argentina nods ICBC's Standard takeover

Nov 11 2012 16:23
Reuters

Company Data

STANDARD BANK GROUP LIMITED [JSE:SBK]

Last traded 139
Change 1
% Change 1
Cumulative volume 2563516
Market cap 0

Last Updated: 29-07-2016 at 03:13. Prices are delayed by 15 minutes. Source: McGregor BFA

Related Articles

ICBC boasts $7bn in African investments

Standard to sell Argentine bank - report

Banks' poaching war hots up

Standard Bank denies retrenchments

Standard scoops global finance awards

 
Buenos Aires - Argentina has given approval for the Industrial and Commercial Bank of China to take control of the local operations of South Africa's Standard Bank following a $600m deal last year, an official source said on Saturday.

ICBC, the world's biggest bank by market value, will take 80% of commercial lender Standard Bank Argentina and its two affiliates, asset manager Standard Investments and Inversora Diagnol, a commercial service provider.

Johannesburg-based Standard Bank [JSE:SBK] will reduce its stake in all three firms to 20%.

The source, who spoke on condition of anonymity, said the operation had been given the go-ahead by Argentina's central bank.

ICBC will be the first Chinese lender to enter Latin America's third-largest economy, where President Cristina Fernandez ordered banks in July to lend nearly 15bn pesos (about $3.1bn) by year's end to finance investment in production.

When the deal was announced in August 2011, Fernandez asked the bank to present an investment plan to her government.

Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.

icbc  |  standard bank

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Comments have been closed for this article.
 

Company Snapshot

We're talking about:

THE SAVINGS ISSUE

Saving can make a lot of things possible, but we all know how hard it is to save. This special Savings Issue will help you get focused.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

Previous results · Suggest a vote

Loading...