ICBC succeeds in completing the capital and stock transaction to purchase 20% equities from Standard Bank Group Ltd. on March 3rd, 2008. Previously, the trade has been approved by the general meeting of shareholders in Standard Bank Group Ltd. and the general meeting of shareholders in ICBC, and the trade has been authorized by China Banking Regulatory Commission, South Africa supervision organization and the related supervision department where the Standard Bank Group Ltd.
branch locates. ICBC pays a total of 36.7 billion South African Rand for the acquisition (about RMB 33.8 billion). After the trade, ICBC will hold 305 million shares of Standard Bank Group Ltd., which is 20% of the issued capital stocks of Standard Bank Group Ltd.
