August 4, 2011 / 11:33 PM / in 7 years

ICBC to buy stakes in Standard Bank Argentina, others for $600 mln

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 another two institutions 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 total 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 to the Hong Kong bourse.

For statement click here

Reporting by Donny Kwok; Editing by Jonathan Hopfner

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