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/ 4 April 2008

FirstRand says it is not in talks with Chinese bank

South African banking group FirstRand on Friday said it was not in talks with a Chinese bank over selling a stake. ”We are not in discussions with a Chinese bank,” FirstRand spokesperson Sam Moss said. Shares in FirstRand rose earlier on Friday after the China Daily reported that a state-owned Chinese bank was in talks to buy a stake in First National Bank.

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/ 3 March 2008

Standard Bank has $2bn boost as ICBC deal closes

Standard Bank has received a R16-billion boost to its capital base after completion of a deal in which China’s biggest lender ICBC took a 20% stake, it said on Monday. International and Commercial Bank of China, the world’s biggest lender by assets, said in October last year it would pay ,5-billion for the stake in Standard Bank.

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/ 4 December 2007

Anglo, Billiton still weigh on JSE

Resource heavyweights Anglo American and BHP Billiton continued to weigh on the JSE in midday trade on Tuesday, with the all-share pulling back almost half a percent from its earlier levels. By midday, the JSE all-share index dropped 0,69% as resources gave up 0,96%. The gold-mining index shed 0,12% but the platinum-mining index improved 0,42%. Industrials lost 0,53%.

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/ 23 November 2007

World markets boost a recovering JSE

World markets injected some life into the JSE at midday on Friday as the all-share index lifted 0,90%, led by a 1,78% gain in resources. By noon the gold mining index collected 0,35%, but the platinum mining index was up a slight 0,06%. Financials advanced 0,51% and banks inched up 0,28%. Industrials were 0,09% in the black.

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/ 26 October 2007

China digs deeper into Africa with bank deal

China has served notice it is accelerating its investment drive in Africa towards full throttle with the planned ,6-billion cash purchase of a major stake in Standard Bank by Beijing’s biggest lender. China’s ICBC bank said on Thursday it is to buy 20% of Standard Bank, the biggest foreign acquisition by a Chinese commercial bank to date.

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/ 26 October 2007

JSE extends gains as banks climb

Solid gains in bank stocks pushed the JSE further into the black at midday on Friday, while platinum stocks added some extra light. At noon on the JSE, the all-share index was 0,62% higher as banks collected 2,01% and financials added 1,08%. The platinum mining index added 1,24% and resources edged up 0,29%.

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/ 25 October 2007

Bank shares leap on Standard Bank news

South African bank shares leapt on Thursday after reports that China’s biggest bank, Industrial and Commercial Bank of China, has agreed to buy a 20% stake in Standard Bank, in a deal reported to be worth ,5-billion. Trading in Standard Bank shares was halted ahead of the release of a statement by the bank on the outcome of negotiations.