Standard Bank discusses exit from London-based joint venture with ICBC By Reuters


© Reuters. FILE PHOTO: Customers at an ATM at a branch of South Africa’s Standard Bank in Cape Town March 15, 2016. REUTERS/Mike Hutchings

JOHANNESBURG (Reuters) – South Africa’s Standard Bank has entered talks with the Industrial and Commercial Bank of China (ICBC) over the sale of its 40% stake in the London-based joint venture of the two ICBC lenders Standard Bank, said chief executive Sim Tshabalala. Friday.

Standard Bank has been trying for some time to exit the business, a remnant of its failed bid to become a global lender in emerging markets, but has been limited by the terms of its deal with ICBC.

The relevant contract term has now expired, Tshabalala said during the group’s results presentation on Friday.

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