Johannesburg - Standard Bank said on Monday it sold a stake of its London business at $75m less than what had been previously agreed, sending its shares lower.
Africa's largest lender by assets had previously agreed to sell 60% of its London-based Standard Bank Plc global markets business for about $765m to the Industrial and Commercial Bank of China.
At 10:30, its shares were down 1.4% at R152.39. The stock had dropped to as much as R151.50 earlier.
Last year, Standard Bank took an $80m hit from its exposure to the alleged multi-pledging of metals in Qingdao, China. The lender said in a statement on Monday it retains the right to any recoveries from that exposure.
The lender also flagged its full-year earnings could range between a 5% increase or drop.
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