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South Africa’s Standard Bank Wants to Exit a Once-Legendary Joint Venture with Chinese Mega-Bank ICBC

Standard Bank, one of South Africa’s major banks, is looking to exit a joint venture with the Industrial and Commercial Bank of China (ICBC.) The joint venture, the London-based ICBC Standard Bank Plc (ICBCS), long represented the largest Chinese investment on the continent.
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The China-Global South Project

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South Africa’s Standard Bank Wants to Exit a Once-Legendary Joint Venture with Chinese Mega-Bank ICBC

Standard Bank, one of South Africa’s major banks, is looking to exit a joint venture with the Industrial and Commercial Bank of China (ICBC.) The joint venture, the London-based ICBC Standard Bank Plc (ICBCS), long represented the largest Chinese investment on the continent.

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Until recently, foreign companies had been restricted from autonomously and freely operating in the Chinese market due to the strict requirement by China’s government for full Chinese ownership and leadership in the country’s key economic sectors: telecommunications, railways, finance, aerospace among others. For foreign companies that operate ...

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In 2017, mobile technologies and services generated 7.1% of GDP across Sub-Saharan Africa, and Mckinsey found a sharp rise in the number of mobile financial services such as peer-2-peer borrowing, group savings and micro-loans among others. ...
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