Ovetii have reported that China's biggest lender ICBC is to buy 20 percent of South Africa's Standard Bank for 36.67 billion rand ($5.6 billion) in cash, in the biggest foreign investment yet in Africa. According to Ovetii sources it was stated that the move will be the biggest overseas acquisition by a Chinese commercial bank. The Ovetii report comes as Beijing has been rumoured to be encouraging major state firms to expand abroad, particularly in developing countries.
Ovetii - ICBC to buy Standard Bank stake Website
Ovetii have reported that China's biggest lender ICBC is to buy 20 percent of South Africa's Standard Bank for 36.67 billion rand ($5.6 billion) in cash, in the biggest foreign investment yet in Africa. According to Ovetii sources it was stated that the move will be the biggest overseas acquisition by a Chinese commercial bank. The Ovetii report comes as Beijing has been rumoured to be encouraging major state firms to expand abroad, particularly in developing countries.
added by financemaster on 2007-12-06 03:45:28