China's ICBC To Pay $765M For Stake In African Bank Unit

Law360, New York (January 29, 2014, 4:26 PM EST) -- Industrial and Commercial Bank of China Ltd. will acquire a majority stake in Standard Bank PLC for about $765 million, the companies said Wednesday, in a deal that will see Standard Bank reorganized to focus solely on the global markets business.

In the deal, ICBC will acquire 60 percent of the existing issued shares of London-based Standard Bank, which is a wholly-owned subsidiary of Standard Bank Group Ltd., which is based in Africa. ICBC currently holds a 20 percent stake in Standard Bank Group.

According to...
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