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ICBC to buy controlling stake in SBG unit

The Industrial and Commercial Bank of China will make its foothold in London’s wholesale banking market when it buys control of Standard Bank’s London commodities and currencies arm in a deal worth as much as $1.275 billion. The move is the first foray by a Chinese bank into the UK wholesale banking market and strengthens the already growing economic ties between the two countries. ICBC is to buy an initial 60% of Standard’s global markets arm for $765 million – but, through a series of options, has the potential to buy the remaining 40% over time. The landmark deal will strengthen China’s links with the UK financial community and allow ICBC to become a stronger player on the world stage. Standard Bank is the UK subsidiary and primary legal entity for Standard Bank Group’s global markets business. SBG is the largest bank in Africa.

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