The Industrial and Commercial Bank of China (ICBC) has acquired a 60% stake in Standard Bank, the London-based global markets business of South African lender Standard Bank Group.
ICBC purchased the controlling stake at $690m, which is $75m less than what Standard Bank had initially projected when it announced the deal a year ago.
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Following the acquisition, ICBC will be the first large state-owned Chinese bank to set up significant trading operations in London.
ICBC chairman JIANG Jianqing said, "The deal is also the first such transaction in which a Chinese bank enters the global markets business through the acquisition of an international bank. By leveraging the two shareholders’ global network, business resources, client bases and overall capacity, the joint venture is expected to capitalize on its mature business model and industry expertise, explore new business opportunities, better service both ICBC’s and SBG’s client needs, and become the global markets platform that satisfies the strategic goals of both shareholders."
ICBC earlier acquired a 20% stake in Standard Bank Group in 2008 and an 80% stake in Standard Bank Argentina in 2012.
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