Date
11 December 2017

ICBC to buy into Standard Bank trading arm, paper says

Industrial & Commercial Bank of China Ltd. (01398.HK, 601398.CN), China’s largest bank by assets, is close to acquiring a controlling stake in Standard Bank Group Ltd.’s British commodities and foreign exchange trading business for about US$700 million, the Wall Street Journal reported Sunday, citing people with direct knowledge of the matter. The state-owned lender seeks to acquire a 60 percent stake in the South African bank’s commodities and foreign-exchange operation in London, with an option to raise its stake to 80 percent in a couple of years after the purchase, the sources said.

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