Standard Bank Group has denied a report in the South African publication Financial Mail that it is in talks to sell its Argentine business and has reaffirmed its commitment to growing its operations.
Peter Wharton-Hood, Standard Bank Group Deputy Group Chief Executive, says: "We remain firmly committed to our business in Argentina. Rumours and false reports to the contrary are completely inaccurate and inappropriate. We have over the years entertained approaches from a few interested parties.
"These discussions were very much in keeping with good corporate governance as an approach can not be dismissed out of hand without a proper understanding of the intention and the facts. We have a profitable, sustainable and stable operation in Argentina. Any interest shown by third parties in the business is confirmation of our success in Argentina. We are committed to expanding our Argentine business and in growing our branch network in the country as opportunities emerge."
Standard Bank Group has an emerging markets focus. Standard Bank has grown its key strategic connections in emerging markets to facilitate trade and deal flow between the developed world and emerging market economies. Key amongst these are its strategic links to Brazil, Russia, Argentina, Turkey and high-growth markets in Africa as well as Industrial Commercial Bank of China (ICBC) 20% stake in Standard Bank.
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