ICBC buys stake in South African bank group

The Industrial and Commercial Bank of China (ICBC) has inked a strategic partnership deal with South Africa¡¦s Standard Bank Group, say lawyers close to the deal, which includes ICBC¡¦s acquisition of 20% of Standard Bank.

The deal, valued at R36.7 billion (US$5.5 billion), was announced on October 25 2007 and is expected to help both banks take advantage of trade and investment flows between China and Africa.