JOHANNESBURG--Standard Bank Group Ltd. (SBK.JO) said Friday that
the bank is in talks to sell a majority stake in its global markets
business outside of Africa.
Standard Bank said if the transaction is completed, it would
maintain a minority stake in the markets business to ensure access
for its African network and clients.
The bank declined to comment further.
The Wall Street Journal in July reported that China's
state-controlled Industrial and Commercial Bank of China (1398.HK)
was in talks with Standard Bank to buy its London commodities
trading business for around $500 million, citing sources familiar
with the discussions. ICBC has a 20% stake in Standard Bank
already.
In August, Standard Bank group joint chief executive Ben Kruger
confirmed the bank was looking for a partner for its London
commodity business but not a full sale.
In the past several years, Johannesburg-based Standard Bank has
been scaling back its international operations to focus more on
growth in Africa and ties between the continent and China and
Brazil. The group has reduced staff in London, sold a business in
Russia and Argentina.
Earlier this week, Standard Bank said it's about to open a
representative office in Ivory Coast as part of its ongoing Africa
expansion.
Write to Devon Maylie at devon.maylie@wsj.com
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