Standard Bank says it needs to pump R1.1bn into ICBC venture

The Standard Bank building in Rosebank, Johannesburg. Picture: FREDDY MAVUNDA

In the year ended December, ICBC Standard Bank recorded a loss of $14.9m as declining emerging-market risk appetite and flows dented the trading business, said Standard Bank, which owns 40% of the joint venture with China’s ICBC.“ICBC Standard Bank’s ability to deliver sustainable profits is dependent on its ability to continue to integrate into, and leverage, ICBC’s extensive client base,” Standard Bank said.

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