ICBC acquires 60% of Standard Bank

0 Comment(s)Print E-mail Xinhua, February 3, 2015
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 Industrial and Commercial Bank of China. [File photo]

The Industrial and Commercial Bank of China Monday said it acquired 60 percent of Standard Bank Plc.

Based in London, Standard Bank Plc is the international commodities and foreign exchange arm of Standard Bank Group, the largest African banking group by assets.

ICBC Chairman Jiang Jianqing noted that the liberalization of China's capital market, the development of offshore yuan business, as well as the acceleration of overseas investment, have combined to drive demand for global business.

"The acquisition of Standard Bank Plc is important for ICBC to proactively deal with this demand," Jiang said in an official statement.

By leveraging the two global networks and resources, the joint venture could become a global market platform that meets strategic goals.

ICBC, China's largest commercial bank by assets, bought 20 percent in SBG in 2008 and 80 percent in Standard Bank Argentina in 2012.

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