Standard Bank and the Industrial and Commercial Bank of China (ICBC) have confirmed that all the regulatory and shareholder requirements for the acquisition by ICBC of a 20% stake in Standard have now been completed.
The transaction is valued at R36.7bn (approximately US$5.5bn), and the equity investment is the largest foreign direct investment to date into South Africa.
The last day to trade in Standard Bank shares in order to receive the scheme consideration is February 22, 2008 and the transaction will be finally implemented on March 3, 2008.
ICBC is China's leading commercial bank with a market capitalisation of approximately US$319bn as of October 22, 2007. It has over 16,000 branches in China, and 100 branches across the rest of the world. (Click here to read more about Standard Bank's activities in GTR Jan/Feb 2008)
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