The Industrial and Commercial Bank of China bought 80% of the shares of Standard Bank

Argentina, November 10, 2012

Today, the Central Bank of Argentina approved the acquisition of 80% of the shares and votes of Standard Bank Argentina by the world’s largest bank, the Industrial and Commercial Bank of China (ICBC). The remaining 20% would remain for the Standard Bank Group (SBG).

The agreement was approved by the South African Reserve Bank and the Chinese Banking Regulatory Commission.

Through this transaction, ICBC becomes the majority shareholder in Standard Bank Argentina.

The bank said in a statement that the Standard Bank branches throughout the country, and its 3248 employees and the management of the bank, will continue to provide their services on a regular basis to more than 911,000 individual clients.

ICBC is state and is the world’s largest bank in terms of market capitalization, profitability and customer deposits. It is also the most valuable brand in the financial sector worldwide.

It comprises a network of 16,825 branches and offices in China, 252 international subsidiaries and 1,591 correspondent banks worldwide distributed.