ICBC acquires financial assets in Argentina
August 19, 2011 | BY
clpstaff &clp articlesIndustrial and Commercial Bank of China (ICBC) has entered into an agreement to acquire 80% of each of Standard Bank Argentina, Standard Investments SA…
Industrial and Commercial Bank of China (ICBC) has entered into an agreement to acquire 80% of each of Standard Bank Argentina, Standard Investments SA Sociedad Gerente de Fondos Comunes de Inversion, and Inversora Diagonal SA from Standard Bank Group of South Africa and the Werthein and Sielecki families. ICBC will pay an estimated cash consideration of US$600 million.
This transaction is China's first acquisition in Argentina's financial sector and its third major one into the South American country.
A global multi-office Linklaters team advised the Chinese bank, including lawyers from its Beijing, Shanghai, Hong Kong, New York, London, Madrid and Tokyo offices. The lead China partner was Beijing-based Thomas Ng.
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