Results tagged “lastnovember”

Industrial and Commercial Bank of China(ICBC), the world’s largest bank by market capitalization, is buying 20 percent of South Africa’s Standard Bank Group Ltd. Standard Bank is based in Johannesburg and has branches in 18 African nations. The USD $5.5 billion price tag marks the most expensive overseas investment by a Chinese firm to date. Earlier in the week, CITIC Securities, also a state owned company, swapped USD $1 billion worth of equities with Bear Stearns. Both tie-ups are just the latest examples of corporate China’s aggressive international merger and acquisition binge, started back in 2004 when Lenovo bought IBM’s PC business.