ICBC spends $5.5 billion reaching out to Africa
The Chinese bank shells out $5.5 billion for a 20% stake and board representation in South Africa's largest bank, Standard Bank.
Industrial and Commercial Bank of China will buy 20% of South AfricaÆs Standard Banking Group for $5.5 billion, in a deal which gives the Chinese bank a foothold on a continent emerging as a strategic trading partner for China.
Analysts commented favourably on the benefits that could accrue to ICBC from the expansion of its footprint to Africa, a country where China is looking to develop business as it seeks sources of raw materials.
ICBC will pay R36.7 billion $3.1...
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