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ICBC agrees to purchase 80% of Standard’s Argentine operations

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.