ICBC acquires 60% stake in Standard Bank PlcStaff writer ▼ | February 3, 2015
The Industrial and Commercial Bank of China (ICBC) announced on Monday the acquisition of a 60-percent stake in Standard Bank Plc.
London Chinese company buys the bank of London
ICBC chairman Jiang Jianqing noted that the liberalization of China's capital market, the development of offshore RMB business, as well as the acceleration of overseas investment, have combined to drive demand for global business.
"The acquisition of Standard Bank Plc is important for ICBC to proactively deal with this demand," Jiang said in an official statement.
By leveraging the two global networks and resources, the joint venture could become a global market platform that satisfies the strategic goals of both.
ICBC is China's largest commercial bank by assets. It purchased a 20-percent stake in SBG in 2008 and a 80-percent stake in Standard Bank Argentina in 2012. ■