{"id":1012,"date":"2007-10-25T16:57:56","date_gmt":"2007-10-25T16:57:56","guid":{"rendered":"http:\/\/afrikaansenuus.co.za\/?p=1012"},"modified":"2007-10-25T16:57:56","modified_gmt":"2007-10-25T16:57:56","slug":"china-acquires-stake-in-standard-bank","status":"publish","type":"post","link":"https:\/\/praag.co.za\/?p=1012","title":{"rendered":"China acquires stake in Standard Bank"},"content":{"rendered":"
Industrial and Commercial Bank of China is to acquire a 20 per cent stake in Standard Bank, the largest bank in Africa by assets, in a dramatic step-up in China’s investment ambitions on the continent.<\/p>\n

Standard Bank said on Thursday it was selling the stake for a total of R36.7bn ($5.56bn), of which R20.7bn would go to shareholders and the remainder to Standard Bank Group.<\/p>\n

ICBC, the world’s largest bank by market value, will get two non-executive directors on the South African group’s board, one of whom would be vice-chairman.<\/p>\n

The deal requires shareholder and regulatory approval. It is understood the South African Reserve Bank will cap the percentage the ICBC can go to at about 25 per cent.<\/p>\n

In a statement to the Johannesburg Stock Exchange, the South African group described the deal as “a landmark transaction for Africa, South Africa and Standard Bank Group itself. Standard Bank Group’s proposed partnership with ICBC will place it at the cross-roads of economic interaction between China and the African continent and will represent a strong vote of confidence in the future relationship between the two regions.”<\/p>\n

The announcement followed a cautionary statement from Standard Bank on Tuesday, which said it was in talks that could affect its share price.<\/p>\n

The deal is a clear sign of a maturing of China’s presence in Africa as Standard Bank is widely considered the most blue chip and stable financial group in South Africa.<\/p>\n

It cements the impression that China is seeking to move beyond its standard strategy of the past few years of offering cheap loans in return for access for the continent’s mineral wealth.<\/p>\n

It will also be the largest banking deal in South Africa since Barclays of the UK bought Absa Group, the country’s largest retail bank in 2005. Goldman Sachs is advising ICBC, in which it has a small shareholding.<\/p>\n

Jiang Jianqing, ICBC chairman, last week said the bank planned to open a branch next month in Russia, take over a bank in Sydney, and open branches in Dubai and Qatar. Media reports had indicated that it is looking for acquisitions in South Africa.<\/p>\n

Standard Bank, whose assets totalled R1,100bn ($165bn) on June 30, operates in 18 African countries.<\/p>\n

Separately, ICBC said on Thursday that its third-quarter earnings jumped 76 per cent to Rmb22.46bn ($3bn), on the back of a widening interest margin and fee income growth.<\/p><\/div>\n

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Industrial and Commercial Bank of China is to acquire a 20 per cent stake in Standard Bank, the largest bank in Africa by assets, in a dramatic step-up in China’s investment ambitions on the continent. Standard Bank said on Thursday it was selling the stake for a total of R36.7bn ($5.56bn), of which R20.7bn would … Continue reading “China acquires stake in Standard Bank”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[62],"tags":[984,21098,427],"class_list":["post-1012","post","type-post","status-publish","format-standard","hentry","category-c51-international-news","tag-china-acquires-stake-in-standard-bank","tag-s19-english","tag-international-news"],"_links":{"self":[{"href":"https:\/\/praag.co.za\/index.php?rest_route=\/wp\/v2\/posts\/1012","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/praag.co.za\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/praag.co.za\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/praag.co.za\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/praag.co.za\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1012"}],"version-history":[{"count":0,"href":"https:\/\/praag.co.za\/index.php?rest_route=\/wp\/v2\/posts\/1012\/revisions"}],"wp:attachment":[{"href":"https:\/\/praag.co.za\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1012"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/praag.co.za\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1012"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/praag.co.za\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1012"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}