Standard Bank Group has finalised the sale of a controlling stake in our global markets business outside of Africa to our long-standing strategic partner, the Industrial and Commercial Bank of China Limited (ICBC). This entails us having sold ICBC a 60% stake in Standard Bank Plc, which is a London-based operation.
The name of the joint venture will be changed to reflect its joint ownership after necessary approvals are obtained.
The new joint venture, with operations in London, New York, Singapore, Dubai, Tokyo, Hong Kong and Shanghai, will focus on the global markets business and provide trading services in commodities, foreign exchange, interest rates, credit and equities to clients worldwide.
Standard Bank Group’s Africa strategy will create increased flows for the Global Markets business as African corporates increasingly demand access to international markets and international corporates demand access to African opportunities.
The joint venture will continue to support all trading requirements of Standard Bank Group’s existing customers with full and uninterrupted access to all distribution channels as they partner with the group to finance growth and development on the African continent.
The proceeds of the transaction will be deployed in furthering Standard Bank Group's growth strategy in Africa.