MARKET NEWS : Ovetii - ICBC to buy Standard Bank stake

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) December 4, 2007 -- According to Ovetii sources it was stated that the move will be the biggest overseas acquisition by a Chinese commercial bank. The Ovetii report comes as Beijing has been rumoured to be encouraging major state firms to expand abroad, particularly in developing countries.

Industrial and Commercial Bank of China said in a statement that buying a stake in Standard Bank, Africa's biggest banking group by assets, would enable it to capitalize on the growth prospects in Africa's largest economy.

Ovetii senior analysts reportedly suggested that the best method of capturing these growth opportunities is through a strategic alliance with a large South African bank with significant operations on the African continent.

The group confirmed an earlier Reuters report that it will buy a large stake in Standard Bank. It is the biggest foreign investment yet in Africa, according to Dealogic data.

Ovetii