ICBC Wins Argentine Approval for Stake in Standard Bank’s Unit

Industrial & Commercial Bank of China Ltd. got approval from Argentina’s central bank for the purchase of an 80 percent stake in Standard Bank Group Ltd.’s unit in the Latin American country.

The agreement already has the approval of the South African Reserve Bank and the China Banking Regulatory Commission, Standard Bank said in an e-mailed statement.

Standard Bank agreed in 2011 to sell the stake in the Argentine unit to ICBC for about $600 million.

To contact the reporter on this story: Andrea Jaramillo in Bogota at ajaramillo1@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net