Major Chinese Bank Wants Stake in S. Africa’s Second-Largest Lender
Another Chinese bank is considering investing in South Africa. From IC Publications:
If carried out, the transaction will follow in the footsteps of Industrial and Commercial Bank of China, the nation’s top lender, which recently agreed to buy a 20 percent stake in South Africa’s Standard Bank.
Chinese banks and other enterprises have been more aggressive buyers of overseas assets in recent years, helped partly by a strengthening of the Chinese currency since it was de-pegged from the US dollar in mid-2005.