ICBC to takeover Argentine Standard Bank
Argentina has given approval for the Industrial and
Commercial Bank of China to take control of the local operations of South Africa's Standard Bank following a $600
million deal in 2011.
ICBC, the world's biggest bank by market value, will take 80 percent of commercial lender Standard Bank Argentina and its two affiliates, asset manager Standard Investments and Inversora Diagnol, a commercial service provider.
ICBC, the world's biggest bank by market value, will take 80 percent of commercial lender Standard Bank Argentina and its two affiliates, asset manager Standard Investments and Inversora Diagnol, a commercial service provider.
Johannesburg-based Standard Bank will reduce its stake in
all three firms to 20 percent.
ICBC will be the first Chinese lender to enter Latin America's third-largest economy, where President Cristina Fernandez ordered banks to lend nearly 15 billion pesos (about $3.1 billion) by year's end to finance investment in production
ICBC will be the first Chinese lender to enter Latin America's third-largest economy, where President Cristina Fernandez ordered banks to lend nearly 15 billion pesos (about $3.1 billion) by year's end to finance investment in production
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