Financial China

China’s biggest bank, ICBC, goes global

  • Published 12 Nov 2009

ICBC’s partnership with Standard Bank is of crucial importance to China’s aim of expanding its corporations’ global reach.

Beijing-based Craig Bond, chief executive of South Africa’s Standard Bank (SBK:JNB) in China, has notched up 135 business dinners since January 1 this year – and the hospitality shows no sign of letting up. Dinners do not equal deals, but they are an indicator of how popular Africa has become among Chinese corporates looking for new frontiers. They also show that since Africa’s biggest bank teamed up with the Industrial and Commercial Bank of China (ICBC) (1398:HKG), selling China’s biggest bank a 20% stake for $5.5bn (Rmb 37.5bn, €3.66bn, £3.3bn) in March 2008, Standard Bank has become the preferred bridge to Africa for a cohort of China’s largest state enterprises.

Issue icon

Latest Issue

09 Sep 2010

Browse the archive

Get two weeks free trial Subscribe now to access all of China Confidential

China Confidential Funds

China Confidential Funds, a new research service launched by FT China Confidential, is dedicated to illuminating the mainland fund industry. Our team of fund industry experts in Shanghai search out the interesting trends in fund performance, strategy, interactions with overseas funds, regulatory changes, distribution and management. We also use a proprietary system to track the emerging flows of Chinese money. Click here to find out more.

Find out more