China’s ICBC to Buy Standard Bank Argentine Unit, Cronista Says

Industrial & Commercial Bank of China agreed to buy 80 percent of Standard Bank Ltd.’s Argentine unit, El Cronista Comercial reported, citing people it didn’t identify.

ICBC, as the Hong Kong-based lender is known, is likely to pay $700 million to $800 million for the unit, while Standard Bank will keep the remaining 20 percent, according to the Buenos Aires-based newspaper. The due diligence process has already been concluded, the paper said.