A major, but unidentified Chinese bank is in talks to buy a stake in South Africa’s second-largest lender First National Bank, a media report said on Friday. If carried out, the transaction will follow in the footsteps of Industrial and Commercial Bank of China, which recently agreed to buy a 20% stake in Standard Bank.
South Africa’s Standard Bank Group said on Wednesday full-year headline earnings per share rose 23,4% to R1 033,4 cents, but it warned it would take a short-term hit from its deal to sell a 20% stake to China’s biggest lender ICBC. Africa’s biggest bank by assets said normalised headline earnings per share rose 20,6%, and normalised return on equity was 24,8%.
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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/ 23 November 2007
Standard Bank expects as much as -million in incremental earnings by the third year of the deal in which China’s biggest lender ICBC will buy a 20% stake for ,6-billion, it said on Friday. Standard Bank said in a presentation on its website that the bank expects incremental earnings of -million to -million.
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/ 25 October 2007
China’s biggest lender ICBC is to buy 20% of South Africa’s Standard Bank for R36,67-billion (,6-billion) in cash, in the biggest foreign investment yet in Africa. The move announced on Thursday comes as Beijing encourages major state firms to expand abroad, particularly in developing countries.