Standard Bank sells stake to largest Chinese bank

JOHANNESBURG – South Africa’s Standard Bank, Africa’s biggest lender by assets, said yesterday it had agreed a deal to sell a 20 per cent stake for a total of 36,7 billion rand to China’s ICBC bank.

Standard Bank said 20,7 billion rand of that amount would go to shareholders and 15,9 billion rand to the Standard Bank Group. Standard Bank said it saw China as a key component of its long-term strategy given its increasing economic linkages to the African continent and its impact on global economic growth.SA bans abalone fishing * CAPE TOWN – South Africa’s cabinet has approved an indefinite ban on the country’s commercial abalone fishing to guard against poaching of the delicacy, which is becoming increasingly popular in Asia.”It is an indefinite ban until such time that research tells us that the situation has improved drastically,” Themba Maseko, cabinet spokesman, told a media briefing yesterday.South Africa’s Environmental Affairs Ministry has said the total allowable catch of wild abalone had decreased from nearly 3 000 tonnes in 1965 to 125 tonnes during the 2005/06 season.Negligible impact from US turmoil * JOHANNESBURG – South Africa’s central bank said yesterday the direct impact of turmoil in the US sub-prime market on the domestic financial system was likely to be negligible.In its latest financial stability review, the bank however said the indirect effect of the upheaval was more difficult to assess or predict but could not be ignored.”Given such fundamental and structural differences, it is reasonable to assume that the South Africa housing, housing finance and securitisation markets will not be characterised by the same disruptions currently experienced in the US,” the report said.The Reserve Bank also said there was no compelling evidence to suggest that the economic crisis in neighbouring Zimbabwe posed a threat to South Africa’s financial stability.Nedbank takes full control of Old Mutual Bank * JOHANNESBURG – South African banking group Nedbank will buy parent Old Mutual’s 50 per cent stake in Old Mutual Bank for 140 million rand, the group said yesterday.Nedbank said Old Mutual Bank, a joint venture with 46 branches set up by Nedbank and Old Mutual in 2003, will be fully integrated and trade as Nedbank in future.”The integration will enable the group to realise significant cost savings due to the elimination of overlapping branches and infrastructure…”Nedbank said in a statement.Old Mutual Bank has client deposits of 10,7 billion rand and advances of 10,5 billion rand.The advances are mostly made up of mortgage loans to Old Mutual clients.Nampa-ReutersStandard Bank said it saw China as a key component of its long-term strategy given its increasing economic linkages to the African continent and its impact on global economic growth.SA bans abalone fishing * CAPE TOWN – South Africa’s cabinet has approved an indefinite ban on the country’s commercial abalone fishing to guard against poaching of the delicacy, which is becoming increasingly popular in Asia.”It is an indefinite ban until such time that research tells us that the situation has improved drastically,” Themba Maseko, cabinet spokesman, told a media briefing yesterday.South Africa’s Environmental Affairs Ministry has said the total allowable catch of wild abalone had decreased from nearly 3 000 tonnes in 1965 to 125 tonnes during the 2005/06 season.Negligible impact from US turmoil * JOHANNESBURG – South Africa’s central bank said yesterday the direct impact of turmoil in the US sub-prime market on the domestic financial system was likely to be negligible.In its latest financial stability review, the bank however said the indirect effect of the upheaval was more difficult to assess or predict but could not be ignored.”Given such fundamental and structural differences, it is reasonable to assume that the South Africa housing, housing finance and securitisation markets will not be characterised by the same disruptions currently experienced in the US,” the report said.The Reserve Bank also said there was no compelling evidence to suggest that the economic crisis in neighbouring Zimbabwe posed a threat to South Africa’s financial stability.Nedbank takes full control of Old Mutual Bank * JOHANNESBURG – South African banking group Nedbank will buy parent Old Mutual’s 50 per cent stake in Old Mutual Bank for 140 million rand, the group said yesterday.Nedbank said Old Mutual Bank, a joint venture with 46 branches set up by Nedbank and Old Mutual in 2003, will be fully integrated and trade as Nedbank in future.”The integration will enable the group to realise significant cost savings due to the elimination of overlapping branches and infrastructure…”Nedbank said in a statement.Old Mutual Bank has client deposits of 10,7 billion rand and advances of 10,5 billion rand.The advances are mostly made up of mortgage loans to Old Mutual clients.Nampa-Reuters