Released on: December 3, 2007, 10:35 pm

Press Release Author: Report-24

Industry: Financial

Press Release Summary: Ovetii have reported that China\'s biggest lender ICBC is to
buy 20 percent of South Africa\'s Standard Bank for 36.67 billion rand ($5.6 billion)
in cash, in the biggest foreign investment yet in Africa.

Press Release Body: According to Ovetii sources it was stated that the move will be
the biggest overseas acquisition by a Chinese commercial bank. The Ovetii report
comes as Beijing has been rumoured to be encouraging major state firms to expand
abroad, particularly in developing countries.

Industrial and Commercial Bank of China said in a statement that buying a stake in
Standard Bank, Africa\'s biggest banking group by assets, would enable it to
capitalize on the growth prospects in Africa\'s largest economy.

Ovetii senior analysts reportedly suggested that the best method of capturing these
growth opportunities is through a strategic alliance with a large South African bank
with significant operations on the African continent.

The group confirmed an earlier Reuters report that it will buy a large stake in
Standard Bank. It is the biggest foreign investment yet in Africa, according to
Dealogic data.


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