Banking News
- ICBC, Standard Bank may set up fund JV
Date: 18-Dec-2007 Sources: (Shenzhen Daily)
INDUSTRIAL & Commercial Bank of China Ltd. (ICBC) was considering a fund joint venture with South Africa's Standard Bank Group Ltd. to expand its asset management business overseas, the China Securities Journal reported yesterday, quoting ICBC chairman Jiang Jianqing.
The joint venture might raise funds through private placements and would focus on mineral and energy projects in Africa, the paper quoted Jiang as saying. ICBC, China's largest commercial lender by assets, has agreed to buy 20 percent of Standard Bank Group for about US$5.5 billion.
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