ICBC in $765m deal for Standard Bank's UK arm

By Michael Turner
31 Jan 2014

The rise of Chinese bank's activity in EMEA took a leap forward this week after Industrial and Commercial Bank of China announced that it is buying a controlling stake in Standard Bank's London-based global markets business.

ICBC has entered into a sale and purchase agreement to buy with cash 60% of Standard Bank's UK subsidiary and the South African bank's main legal entity for its international operations. The deal is estimated to cost ICBC $765m.

Furthermore, ICBC will get a five year option to ...

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