China's largest bank buys stake in South African lender

The Industrial and Commercial Bank of China (ICBC), the nation's largest lender, said Tuesday it completed the acquisition of a 20 percent stake in South Africa's Standard Bank for 5.5 billion dollars.

The Chinese lender said the deal, the largest ever Chinese acquisition in the financial field, had been approved by Chinese and South African regulators, according to a statement with the Shanghai Stock Exchange.

The cash settlement and issue of new shares for the planned purchase, originally announced in October, was finished on Monday, it said.


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The Industrial and Commercial Bank of China is helping to boost Standard Bank's expansion. This merger will allow Standard Bank to access capital which will allow it to grow into South Africa, Africa, and other places around the world.

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