Africa becoming hot destination for investment- China Business Network

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Africa becoming hot destination for investment

2014-02-27

The acquisition of a London-based lender will offer a platform for growing trade and investment in African nations, report Li Jiabao, Du Juan and Zhang Zhouxiang.

Industrial and Commercial Bank of China Ltd announced on Jan 29 it had reached an agreement with Standard Bank Group Ltd on acquiring a 60 percent share in Standard Bank Plc, a London-based entity that trades currencies, commodities, stocks and bonds, for about $750 million.

ICBC, a 20 percent shareholder of SBG, wants to use the business to focus on money flows between China and Africa, as well as in other emerging markets.

China Daily

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Tags：invest Africa, Chinese invests overseas, invest infrastructure, Industrial and Commercial Bank of China Ltd

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