ICBC buys S Africa bank for $5.56bn

Industrial and Commercial Bank of China (ICBC) announced that it will buy a 20% stake in South Africa's Standard Bank, the Financial Times reported. The US$5.56 billion investment in Standard, Africa's biggest bank by assets, is the largest foreign acquisition made by a Chinese commercial bank. Shares in Standard Bank, which operates in 18 African countries, rose 7% following news of the deal. ICBC's investment will likely reinforce the view that China is looking to move beyond its strategy to access Africa's mineral wealth by offering cheap loans and large infrastructure projects on the continent.