BUENOS AIRES Nov 10 Argentina has given
approval for the Industrial and Commercial Bank of China
to take control of the local operations of South
Africa's Standard Bank following a $600 million deal
last year, an official source said on Saturday.
ICBC, the world's biggest bank by market value, will take 80
percent of commercial lender Standard Bank Argentina and its two
affiliates, asset manager Standard Investments and Inversora
Diagnol, a commercial service provider.
Johannesburg-based Standard Bank will reduce its stake in
all three firms to 20 percent.
The source, who spoke on condition of anonymity, said the
operation had been given the go-ahead by Argentina's central
ICBC will be the first Chinese lender to enter Latin
America's third-largest economy, where President Cristina
Fernandez ordered banks in July to lend nearly 15 billion pesos
(about $3.1 billion) by year's end to finance investment in
When the deal was announced in August 2011, Fernandez asked
the bank to present an investment plan to her government.