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ICBC in talks to buy commodities trading business

Posted on 01 August 2013

China’s state-controlled Industrial and Commercial Bank of China is in advanced talks with South Africa’s Standard Bank to buy its London commodities trading business for around US$500 million, a person familiar with the matter said Wednesday.
ICBC, China’s largest bank by assets, has been pursuing such a deal for months. Late last year, The Wall Street Journal first reported the bank held talks to acquire a 60% stake in Standard Bank’s London-based commodities and foreign-exchange business with the aim of expanding that to 80% ownership over time, people familiar with the situation said………………………………………..Full Article: Source


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