The bank will pay cash for an 80% stake in Standard Bank Argentina, Standard Bank Investments and Inversora Diagonal. In a statement released to the Hong Kong Stock Exchange on Friday the ICBC and Standard will jointly invest US$100 million in the Argentine operation.
The ICBC is believed to be the first Chinese bank to operate in the country and its purchase of Standard Bank's interests means that it will gain 103 branches in Argentina.
Business Report says that shares in ICBC fell 3,2% on Friday but this is believed not to be related to the acquisition but rather a response to the economic uncertainty currently prevailing on world markets. ICBC's shares have fallen by 6% this year.
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