ICBC/Argentina

ICBC buys entry to Argentine market

ICBC shells out $600 million for an 80% interest in Standard Bank Argentina and two affiliates, in the first deal that sees a Chinese lender venture into Latin America.

Industrial Commercial Bank of China ICBC said on Friday it had struck a deal to buy a controlling interest in Standard Bank Argentina as well as some other related assets in the Latin American country for $600 million.

China’s biggest lender is buying 80% equity ownership of Standard Investments, Inversora Diagonal and Standard Bank Argentina, which is a full-service bank that has been operating since 1917. It offers products and services through 103 branches in Argentina, which will add to ICBC’s network of 16,227 outlets in China and 203 overseas at the end of last year. Standard Investments is an Argentine fund management company. Inversora Diagonal is an Argentine...

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