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October 27, 2007

Banking on R1.5bn

STANDARD Bank's BEE shareholders may cash in on R1.5 billion after the Industrial and Commercial Bank of China's (ICBC) offer to buy 20% of South Africa's biggest bank for R36.7 billion.

The ICBC will purchase 10% of Standard Bank for R20.7 billion at R136 a share from shareholders and another 10% for R15.9 billion at R104.58 a share from Standard Bank from newly issued shares.

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Posted by StaffWriter at October 27, 2007 11:36 AM