• Wednesday, June 19, 2024
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Standard Bank sells London unit stake for $75m less

Standard Bank sells London unit stake for $75m less

Standard Bank said on Monday it sold a stake of its London business at $75 million less than what had been previously agreed, sending its shares lower.

Africa’s largest lender by assets had previously agreed to sell 60 percent of its London-based Standard Bank plc global markets business for about $765 million to the Industrial and Commercial Bank of China.

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At 08:30 GMT, its shares were down 1.4 percent at 152.39 rand. The stock had dropped to as much as 151.50 rand earlier.

Last year, Standard Bank took an $80 million hit from its exposure to the alleged multi-pledging of metals in Qingdao, China. The lender said in a statement on Monday it retains the right to any recoveries from that exposure.

The lender also flagged its full-year earnings could range between a 5 percent increase or drop by a similar level.