Standard Bank sells London stake
|Published
File photo: Timothy Bernard. File photo: Timothy Bernard.
Johannesburg - Standard Bank said on Monday it sold a stake of its London business at R870 million ($75 million) less than what had been previously agreed, sending its shares lower.
Africa's largest lender by assets had previously agreed to sell 60 percent of its London-based Standard Bank Plc global markets business for about R8.87 billion ($765 million) to the Industrial and Commercial Bank of China.
At 08h30GMT, its shares were down 1.4 percent at R152.39. The stock had dropped to as much as R151.50 earlier.
Last year, Standard Bank took an $80 million hit from its exposure to the alleged multi-pledging of metals in Qingdao, China. The lender said in a statement on Monday it retains the right to any recoveries from that exposure.
The lender also flagged its full-year earnings could range between a 5 percent increase or drop.
Reuters