(Bloomberg) -- Standard Bank Group Ltd., Africa's largest lender by assets, is in talks with Industrial and Commercial Bank of China to exit the two banks' U.K.-based joint venture and focus on growing operations on its home continent.
ICBC Standard Bank Plc was created in 2015, when the Johannesburg-based company sold a 60% stake of its London-based Global Markets business to the Chinese giant. The combination sought to serve the growing demands of Chinese clients for global commodities, fixed income and other products, though also has some exposure to Russia -- currently a financial pariah after the invasion of Ukraine.
Discussions “have commenced to try and convince them to acquire the asset from us,” Standard Bank Chief Executive Officer Sim Tshabalala said during an investor briefing. “I don't think we can give a time as to when we'll succeed in persuading them.”
ICBC is also a 20% shareholder in Standard Bank.
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