Industrial & Commercial Bank of China (ICBC) has agreed to buy 60% stake in Standard Bank’s global markets business in London for US$765 million.
As per the agreement, the Chinese bank will have a five-year option to acquire an additional 20% stake in the unit.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
The deal is part of ICBC’s strategy to triple the earnings from overseas operations to 10% by 2016.
Jianqing Jiang, chairman of the Chinese bank, said: "This transaction will elevate ICBC’s global markets capabilities in business development, risk management, operations, and innovation in order to better serve our clients’ needs."
In 2007, ICBC paid US$5.5 billion for a 20% stake in Standard Group.
In recent years, Standard Bank has been actively downscaling its operations outside Africa to cut costs and focus on fast growing sub-Saharan markets.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
