China’s Biggest Bank to Enter Argentina Market

Posted August 5th, 2011 at 5:05 am (UTC-5)
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China’s largest bank said Friday that it will buy stakes in Standard Bank Argentina.

State-owned Industrial and Commercial Bank of China said it will pay $600 million for the stake in South Africa-based Standard Bank Group’s Argentine unit. The purchase gives ICBC an 80 percent stake in the group, which has 103 branches throughout Argentina.

ICBC said the move, which is still subject to regulatory approval, will strengthen its network in Latin America and complement its overseas institutions.