Data provided by iNet BFA
Loading...
See More

Standard Bank to sell UK commodity arm

Jul 31 2013 10:21 Reuters

Company Data

STANDARD BANK GROUP LIMITED [JSE:SBK]

Last traded 147.29
Change 0.74
% Change 0.00
Cumulative volume 2003673
Market cap 238.35bn

Last Updated: 24/07/2014 at 04:28. Prices are delayed by 15 minutes. Source: McGregor BFA

Related Articles

Standard Bank to axe staff

Standard Bank signs R20bn green deal

Standard Bank net interest income up

Standard Bank scoops green award

Standard Bank bids farewell to Maree

SA banks may be forced to list on ZSE

 
Johannesburg - Standard Bank Group [JSE:SBK] is in advanced talks to sell its London commodity trading business to its biggest shareholder Industrial and Commercial Bank of China, a person familiar with the matter said on Tuesday.

The deal would mark the latest move by Africa's top bank to hive off businesses outside the continent as it focuses on building its presence in fast-growing sub-Saharan markets.

Talks between Standard Bank and ICBC, which owns about 20% of the Johannesburg-based lender, were progressing, said the person, who declined to be identified because the information is not yet public.

A spokesperson for Standard Bank said in a statement the two lenders were "jointly exploring areas of greater co-operation, including global markets and commodities".

Britain's Sky News earlier reported that Standard Bank's London foreign exchange trading operation would likely be part of the deal.

It was not immediately clear how much Standard Bank was asking for the business and when the deal would be announced.

Standard Bank last year finalised the sale of 80% of its Argentine business to ICBC.

The bank said in November it planned to cut up to 15% of its London staff to save $100m.
 

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

standard bank
NEXT ON FIN24X

 
 
 

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
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're talking about:

Small Business

A cash flow crunch often occurs in small businesses trying to balance cash coming in with cash going out. Watch this video to help you improve.
 
 

Savings survey not realistic

Fin24 readers respond to an in-house survey, which found that 60% of readers were confident that they would be financially comfortable in their retirement.

 
 

Start saving...

Time the key for retirement saving
Dummy's guide to saving
Save money with affordable account
All about endowments

Money Clinic

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