STANDARD Bank, Africa’s biggest bank by assets, is
exploring the possibilities of selling its London-based global markets business
for $500 million, with Industrial and Commercial Bank of China (ICBC), the
bank’s leading shareholder, touted as the likely buyer.
“Such a transaction, should it be concluded, would
result in the Standard Bank Group retaining a minority shareholding interest
sufficient to maintain the continuity of access to this business for the
group’s African network and clients,” the bank said on Friday afternoon.
The Johannesburg-based lender has in the recent past
offloaded foreign interests including businesses in Argentina and Russia,
signalling a change in strategy to focus more on African investments.
The lender was however quick to note that deal does
not involve its international transactional banking, corporate banking and
business banking businesses.
Following the bank’s cautionary announcement, its
share price witnessed a 1,33 percent surge on Friday’s trading at the JSE.
According to Standard Bank, talks may positively
impact its share price if fruitfully concluded.
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