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samuel-chen

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Article
/ 25 October 2007

ICBC to buy 20% of Standard Bank for $5,6-billion

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.

By George Chen and Marius Bosch

MAIL & GUARDIAN

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