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ICBC to Acquire 60% of Standard Bank Plc at USD770mn

January 30, 2014

BEIJING , January 30 , SinoCast -- Industrial and Commercial Bank of China (SHSE: 601398) intended to acquire 60% of the issued shares of Standard Bank Plc at about USD 770 million . ICBC will the stake from SBLH for cash. The target bank is incorporated according to the law of the UK and obtained a banking license in 1992. It has active global markets business, a better understanding of emerging markets, and extensive experiences in commodity trading and providing global market solutions. Pursuant to the share purchase agreement, the target bank will split off business with no relation with the global markets business before the transaction to become a bank specializing in the global markets business. In addition, ICBC also owns a five-year option to acquire additional 20% issued shares of the target bank two years after this transaction.

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Source: Sinocast Banking & Credit Beat (China)

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