Deals
ICBC May Buy 60% Stake of Standard Bank Trading Unit, WSJ Says
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Industrial & Commercial Bank of China Ltd. may buy a controlling stake in Standard Bank Group Ltd.’s London-based commodities and foreign exchange business, the Wall Street Journal reported.
The agreement to buy 60 percent of the Johannesburg-based lender’s operation would include an option to boost the stake to 80 percent in “a couple of years,” the newspaper said yesterday, citing unidentified people familiar with the matter. A final deal is yet to be signed, the Journal said.