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China buys into Standard Bank Argentina
The Industrial & Commercial Bank of China (ICBC) has agreed to pay US$600 million to Standard Bank in Argentina to take over its assets in that country according to an article published in Business Report on Monday.
The bank will pay cash for an 80% stake in Standard Bank Argentina, Standard Bank Investments and Inversora Diagonal. In a statement released to the Hong Kong Stock Exchange on Friday the ICBC and Standard will jointly invest US$100 million in the Argentine operation.
The ICBC is believed to be the first Chinese bank to operate in the country and its purchase of Standard Bank's interests means that it will gain 103 branches in Argentina.
Business Report says that shares in ICBC fell 3,2% on Friday but this is believed not to be related to the acquisition but rather a response to the economic uncertainty currently prevailing on world markets. ICBC's shares have fallen by 6% this year.
Read more:
- Business Report: ICBC buys Standard Bank Argentina stake for $600m
- ICBC statement: Transactions in Relation to the Acquisition of Equity in Standard Bank Argentina
