Suspected China fraud to squeeze sale of Standard Bank markets unit

JOHANNESBURG Thu Aug 14, 2014 5:08am EDT

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JOHANNESBURG Aug 14 (Reuters) - South Africa's Standard Bank will see a reduction in the proceeds from the sale of its global markets business due to an $80 million writedown from its exposure to suspected metal financing fraud in China, a senior banker said on Thursday.

David Munro, the bank's chief executive for corporate and investment banking, made the comment on the sidelines of Standard Bank's first-half earnings presentation.

(Reporting by Tiisetso Motsoeneng; Writing David Dolan; Editing by Ed Stoddard)

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