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Standard Bank Plans to Complete Argentine Deal in Two Months

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Sept. 18 (Bloomberg) -- Standard Bank Group Ltd., which expected to close the sale of a stake in its Argentine unit to Industrial & Commercial Bank of China Ltd. by June, said the deal will close within the next two months.

“The deal should be concluded within the next two months,” Erik Larsen, a spokesman for the bank, said in e-mailed comments today. David Munro, chief executive officer for corporate and investment banking at Johannesburg-based Standard, had said in an interview the deal may not close by year’s end.

Standard agreed in 2011 to sell 80 percent of its stake in the Argentine unit to ICBC for about $400 million. Regulatory hurdles have slowed the transaction, according to Munro.

“To maximize value and to behave in an ethical and responsible way, the bank needs to take time to make sure the deals are done properly,” said Neville Chester, a fund manager at Cape Town-based Coronation Fund Managers Ltd.

Standard gained 0.5 percent to 104.49 rand as of 10:15 a.m. in Johannesburg.

To contact the reporter on this story: Renee Bonorchis in Johannesburg at rbonorchis@bloomberg.net

To contact the editor responsible for this story: Dale Crofts at dcrofts@bloomberg.net

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