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ICBC to buy Standard Bank's London business

2013-08-09 11:20 China Daily Web Editor: qindexing

Industrial and Commercial Bank of China, the world's biggest lender by market value, is in advanced talks to buy Standard Bank's markets business in London for more than $500 million, the Financial Times reported on Wednesday.

The negotiations have been going on for almost a year, and the two sides are close to an agreement, the report said.

A prospective purchase by ICBC would also include the Johannesburg-based Standard Bank's currency and interest-rate operations in London as well as the bank's raw materials trading operations, including copper and aluminum.

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