By Afp.comChinese banking giant ICBC said on Friday it has agreed to pay $600 million for an 80 percent stake in the Argentina operations of South Africa's Standard Bank, continuing its push into overseas markets.
Industrial and Commercial Bank of China and other Chinese banks have been aggressively expanding abroad, buying stakes in other lenders or setting up branches, to serve Chinese companies that are increasingly active globally.
ICBC chairman Jiang Jianqing said the deal -- which is still subject to regulatory approval -- was "of great strategic significance" for China's biggest lender and would strengthen its network in Latin America.
"The acquisition ... will enable ICBC to obtain a commercial banking licence in Argentina and to be the first Chinese financial institution to...Read Full Article





















































































