Standard--CFC gets green light.
As well as Standard Bank of South Africa and the Industrial and
Commercial Bank of China (ICBC) 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 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. 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.