Linklaters and Jones Day are advising on Industrial and Commercial Bank of China Ltd.’s $600 million foray into the retail banking market in Argentina.
State-owned ICBC is paying $600 million for an 80-percent stake in the Argentine operations of South Africa’s Standard Bank Group, which will retain a 20-percent interest. ICBC is acquiring its interest from the Sielecki and Werthein families of Argentina. The Chinese bank previously acquired a 20-percent stake in Johannesburg-based Standard Bank for $5.4 billion in 2008.
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