Chinese Acquire Stake in Standard Bank


By Emma Kakololo


One of China’s leading financial institutions, Industrial and Commercial Bank of China (ICBC), recently acquired a 20 percent stake in Standard Bank.

ICBC ‘s experience, know-how and capital will support the strengthening of Standard Bank’s business activities in the region.

“This investment will put us on an accelerated growth path and will assist in our ability to deliver on our objectives and vision,” said Jacko Maree, Standard Bank Group Chief Executive, in a statement yesterday.

“It will catapult us from being a regional player to potentially being a global player,” he added.

Maree said over 95 percent of the bank’s shareholders have voted in favour of the ICBC, which represents an overwhelming vote of confidence in what is one of the most exciting deals ever made by Standard Bank. ??????’??


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