South Africa’s Standard Bank Group (SBK.JSE) said on Wednesday it had agreed to sell a controlling interest in its London-based Global Markets division to the Industrial and Commercial Bank of China (ICBC; 1398.HKG, 601398.SHA) for US$765 million, Agence France-Presse reported. The bank said the offer presented a chance to free up capital as it scales back its operations outside Africa. State-backed ICBC will take a 60% share of the unit. The offer is subject to the approval of shareholders of Standard Bank, who are expected to meet in March.
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