ICBC acquires 60-pct stake in Standard Bank Plc

The Industrial and Commercial Bank of China (ICBC) announced on Monday the acquisition of a 60-percent stake in Standard Bank Plc.

Based in London, Standard Bank Plc is the international commodities and foreign exchange arm of Standard Bank Group (SBG), the largest African banking group by assets.

ICBC chairman Jiang Jianqing noted that the liberalization of China's capital market, the development of offshore RMB business, as well as the acceleration of overseas investment, have combined to drive demand for global business.

"The acquisition of Standard Bank Plc is important for ICBC to proactively deal with this demand," Jiang said in an official statement.

By leveraging the two global networks and resources, the joint venture could become a global market platform that satisfies the strategic goals of both.

ICBC is China's largest commercial bank by assets. It purchased a 20-percent stake in SBG in 2008 and a 80-percent stake in Standard Bank Argentina in 2012.