Standard Bank and ICBC Finalise R36.7bn Deal
Standard Bank and the Industrial and Commercial Bank of China (ICBC) have confirmed that all of the regulatory and shareholder requirements for the transaction between them to proceed have been fulfilled. This deal will result in ICBC purchasing a 20% stake in Standard Bank, valued at R36.7bn. The equity investment is the largest foreign direct investment into South Africa. The effective date of the transaction was 15 February 2008. The last day to trade in Standard Bank shares in order to receive the scheme consideration is 22 February 2008. The transaction will be finally implemented on 3 March 2008. Under the scheme, ICBC will acquire 11.11% of the aggregate issued ordinary share capital of Standard Bank Group from existing Standard Bank Group ordinary shareholders at a price per share of R136. Standard Bank will issue new shares for which ICBC will subscribe, which will represent 11.11% of the existing share capital.