By Wayne Ma
Industrial & Commercial Bank of China Ltd., the mainland's
largest bank, said Wednesday that it received regulatory approval
from China, the U.K. and South Africa to buy a 60% stake in
Standard Bank PLC.
ICBC said in a statement that it entered into a share-purchase
agreement in January to acquire the majority stake of Standard Bank
from Standard Bank London Holdings Ltd.
ICBC said certain conditions related to the transaction still
need to be fulfilled and that another announcement would be made
once the deal is formally closed.
Write to Wayne Ma at wayne.ma@wsj.com
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