Standard Bank to sell non-Africa business

http://m.news24.com/fin24/Companies/Financial-Services/Standard-Bank-to-sell-non-Africa-business-20131108

Johannesburg - Standard Bank [JSE:SBK] said on Friday it was in talks to sell a controlling stake in its global markets business outside Africa.

Standard Bank, which is 20% owned by Industrial and Commercial Bank of China (ICBC), has been hiving off businesses outside Africa to concentrate on bulking up on the continent, where it has operations in 19 countries.

It did not disclose who the potential buyers of the stake were.

"The envisaged transaction does not involve Standard Bank's existing investment banking, transactional banking and corporate banking operations outside Africa," it said in a statement.

Sources told Reuters in July the Johannesburg-based lender was looking to offload its markets business in London, including its commodities, foreign exchange and interest rate trading operations, for more than $500m to ICBC.

It has also agreed to sell its Asian loan book worth $1bn to BNP Paribas SA and others, according to sources.

Standard Bank shares are up nearly 5% so far this year, lagging a 6% rise by Johannesburg's banking index.