Standard Bank Group still committed to Brazil, Africa, China links
18 March 2014

While Standard Bank Group has agreed to sell its Brazilian licensed banking subsidiary, Banco Standard de Investimentos S.A. (BSI), it remains committed to linking its clients in Brazil with both Africa and China. It will continue to leverage its relationship with the Industrial and Commercial Bank of China (ICBC), and will be applying for a representative office in Brazil from which to service these clients.Grupo Financiero Inbursa SAB, the listed Mexican banking group, will acquire BSI for a price to be determined with reference to the closing net asset value of BSI, which is currently around US$45-million. The transaction is subject to regulatory approvals in South Africa, Brazil and Mexico.

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