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Standard Bank may sell 60 per cent stake of UK commodities to ICBC

Standard Bank headquarters in Johannesburg. (Image source: Wikicommons)

South Africas Standard Bank may sell 60 per cent of its UK commodities and foreign exchange trading businesses to the Industrial & Commercial Bank of China (ICBC) for at least US$600mn

According to a Wall Street Journal report, in a couple of years, the ICBC will also have the right to increase its stake in Standard Bank to 80 per cent.

China’s biggest bank by assets, ICBC, already has a 20 per cent shareholding in Standard Bank, which is Africa’s most valuable lender.

Standard Bank has refused to comment on the matter, although it confirmed that it would continue co-operating with the Chinese bank.

It said in a statement, “Following the acquisition of a 20 per cent stake in the Standard Bank by ICBC announced in October 2007, a formal co-operation agreement was signed, and which is underpinned by several workstreams, including Resource Banking.

“As part of this agreement, Standard Bank continues to deepen all areas of co-operation as originally envisaged.”

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