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ICBC To Buy Standard Bank Unit Stake

African lender, Standard Bank, is planning to sell a majority stake in its Argentine business.

African lender, Standard Bank, is planning to sell a majority stake in its Argentine business, Reuters reports, citing Clarin Argentina. The bank will sell its stake to Industrial and Commercial Bank of China (ICBC) for around $700 million.

As a part of the deal, ICBC will acquire 75% shares in the Standard Bank unit. ICBC owns a 20% minority shareholder stake in Standard Bank.

Click here for the story from Reuters.

Click here for additional coverage from Bloomberg.

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