Standard Bank shareholders welcome Chinese bank
Updated: 2007-12-09 09:38
Ninety-five percent of Standard Bank Group shareholders have voted in favor of a Chinese bank becoming a 20-percent shareholder of the African bank.
A statement available to Xinhua on Saturday quoted Standard Bank Group Chief Executive Jacko Maree as saying that his bank had been thrilled by the result of the vote of confidence.
The Standard Bank Group is still waiting for several moves to be completed between now and March next year to see the Industrial and Commercial Bank of China becoming a supportive and non- controlling minority shareholder with no intention of increasing its stake in the bank.
The Standard Bank Group, with a total asset of some 156 billion U.S. dollars as of June 30 this year and a market capitalization at 21 billion dollars as of October this year, is Africa's largest bank with branches and offices in 17 African countries and 21 other countries elsewhere in the world.
The Industrial and Commercial Bank of China has a market capitalization of 319 billion dollars by October this year and was listed in the largest ever Initial Public Offering in October last year in Hong Kong.
Jacko Maree said in the Standard Bank Group statement that this investment would put the African bank on an accelerated growth path and will catapult it to potentially become a global player.
Bashir Awale, managing director of the Stanbic Bank Tanzania, said the deal is consistent with the Tanzanian government's objective of strengthening economic ties between Tanzania and China.
The Standard Bank Group trades under the name of Stanbic Bank in Botswana, the Democratic Republic of Congo, Ghana, Kenya, Malawi, Nigeria, Tanzania, Uganda, Zambia and Zimbabwe; is known as the Standard Bank in Namibia, Swaziland, South Africa, Lesotho, Mauritius and Mozambique. The bank group is represented by the Union Commercial Bank in Madagascar.
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