UPDATE 2-ICBC pays $600 mln for stakes in Standard Bank Argentina, affiliates

jueves 4 de agosto de 2011 22:40 ART

* ICBC to take 80 pct of Standard Bank Argentina, affiliates

* To buy the stakes from a unit of Standard Bank Group

* ICBC to expand into South America as part of global push

* ICBC Hong Kong shares down 4.1% after global mkts dive

By Donny Kwok

HONG KONG, Aug 5 (Reuters) - Industrial and Commercial Bank of China Ltd (ICBC) said on Friday it would buy stakes in Standard Bank Argentina and two of its affiliates from Standard Bank Group Ltd for about $600 million as it expands into South America as part of its globalisation strategy.

The deal, which is conditional on approvals from domestic and foreign regulatory authorities, will give ICBC an 80 percent stake in Standard Bank Argentina and affiliates Standard Investments S.A. Sociedad Gerente de Fondos Comunes de Inversión and Inversora Diagonal Sociedad Anónima, it said in a filing with the Hong Kong bourse.

ICBC, the world's biggest bank by market value, said it would buy the stakes from Standard Bank London Holdings Plc (SBL), a unit of Standard Bank Group, and Holding W-S De Inversiones S.A., funding the acquisition using internal resources.   Continuación...