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Standard Bank in discussions with ICBC over exiting London-based joint venture

Reuters
·1-min read
FILE PHOTO: Customers queue to draw money from an ATM outside a branch of South Africa's Standard Bank in Cape Town

JOHANNESBURG (Reuters) - South Africa's Standard Bank has commenced discussions with the Industrial and Commercial Bank of China (ICBC) around exiting its 40% stake in the two lenders' London-based joint venture ICBC Standard Bank, chief executive officer Sim Tshabalala said on Friday.

Standard Bank has been trying to exit the venture, a relic of its failed bid to become a global emerging markets lender, for some time, but been restricted by the terms of its agreement with ICBC.

The relevant contractual term has now expired, Tshabalala said in the group's results presentation on Friday.

(Reporting by Emma Rumney; Editing by Nqobile Dludla)