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Buenos Aires - Industrial & Commercial Bank of China (ICBC), the world's biggest lender by market value, is close to buying the Argentine branch of Standard Bank Group [JSE:SBK] for up to $800m, local daily La Nacion reported on Monday.
A delegation from Beijing-based ICBC will arrive in Buenos Aires on Monday to close the purchase, which is set to be between $700m and $800m, La Nacion said, citing unnamed sources close to the deal.
Officials at Johannesburg-based Standard Bank in Argentina could not immediately be reached for a comment.
ICBC has a 20% stake in Standard Bank, Africa's top bank by assets, which arrived in Argentina in 2006 after it acquired the local unit of BankBoston.
A delegation from Beijing-based ICBC will arrive in Buenos Aires on Monday to close the purchase, which is set to be between $700m and $800m, La Nacion said, citing unnamed sources close to the deal.
Officials at Johannesburg-based Standard Bank in Argentina could not immediately be reached for a comment.
ICBC has a 20% stake in Standard Bank, Africa's top bank by assets, which arrived in Argentina in 2006 after it acquired the local unit of BankBoston.
