South African Standard Bank’s 80% of the Argentine operations has been purchased by the Industrial and Commercial Bank of China (ICBC) for $600m.
As per the Latin American deal, Standard Bank will reduce its stake in its Argentine partners to 20%, according to Financial Times.
ICBC, one of the world’s largest banks by market capitalization, acquired a 20% stake in Standard Bank in 2007.
The Business News Americas reported that as of end-2010, Standard Bank had $3.13bn in assets and is one of the country’s top 10 banks.
The officially sanctioned China Securities Journal reported that the Argentinean purchase is one of ICBC’s key expansion strategies.