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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.
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Title Annotation:AFRICAN BANKER'S WORLD; CFC Bank.
Comment:Standard--CFC gets green light.(AFRICAN BANKER'S WORLD)(CFC Bank.)
Author:Rosenberg, Anna
Publication:African Business
Article Type:Brief article
Date:Apr 1, 2008
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