Standard Bank writes down ICBCS stake by R2.4bn as market conditions worsen
22 October 2019 - 16:01
Standard Bank, SA’s largest bank by assets, has written down the value of its stake in associate ICBC Standard Bank Plc (ICBCS) due to lower-than-anticipated client flows.
Standard Bank impaired its 40% stake in ICBCS by a further R2.4bn for the three months ending September according to a regulatory filing published for the benefit of Standard’s largest shareholder, the Industrial and Commercial Bank of China (ICBC)...
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