China-Africa: China ICBC says South African investment paying off
The Chinese lender acquired a 20-percent stake in Africa’s largest lender last year and the investment has produced a 7.7-percent return so far, outperforming its overseas bonds, ICBC said in an emailed statement.
ICBC and Standard Bank have cooperated on 65 projects, including funding China Oilfield Service’s 2.5-billion-dollar purchase of Norway’s Awilco Offshore Asa in September, the statement said.
As of the end of the first quarter, ICBC’s outstanding export credit totalled almost 1.1 billion dollars, the statement said, without giving comparative figures.
Beijing-based ICBC has been active in its overseas acquisitions since it purchased controlling stakes in Indonesia’s Halim Bank in December 2006 and Macau’s Seng Heng Bank in August 2007.
State media reported earlier in May that ICBC was eyeing more foreign targets, including troubled US banks, and could make more acquisitions later this year.
(AFP)
Tags: South Africa