Standard--CFC gets green light.
As well as Standard Bank of South Africa and the Industrial and Commercial Bank of China Industrial and Commercial Bank of China (ICBC) (Simplified Chinese: 中国工商银行; Traditional Chinese: (ICBC ICBC Industrial and Commercial Bank of China
ICBC Insurance Corporation of British Columbia
ICBC International Commercial Bank of China
ICBC Imax Cargo Bay Camera (Space Shuttle)
ICBC Interagency Committee on Back Contamination ) having received the necessary regulatory and shareholder approval to proceed with their $4.8bn tie up, Standard Bank has also finalised the recent merger of its subsidiary Stanbic Kenya with Kenya's CFC CFC
See: Controlled foreign corporation Bank in a KSh19bn ($279m) transaction. The deal gives the South African bank a 60% stake in the merged entity with the remaining 40% of the new business' equity being held by the public through the Nairobi Stock Exchange The Nairobi Stock Exchange (NSE) is the stock exchange of Kenya. It began in 1954 as an overseas stock exchange while Kenya was still a British colony with permission of the London Stock Exchange. The NSE is a member of the African Stock Exchanges Association. . Kenya's securities and banking regulators' approval will create Kenya's fourth largest bank with assets of KSh76.1bn ($1.11bn), revenues of $148m and gross profits of $33.7m. With ICBC having acquired 20% in Standard Bank, its holding in CFC-Stanbic translates to a nominal 12%. The CFC group includes CFC Financial Services, Heritage Insurance, CFC Life as well as the CFC Bank.