ICBC China acquires Standard Bank’s stake in ICBC Argentina.
July, 2020 - Buenos Aires, Argentina
On June 29th, 2020, Industrial and Commercial Bank of China Limited (ICBC China) acquired the shareholding that Standard Bank London Holdings Limited (Standard Bank) had in the companies ICBC Argentina, ICBC Investment Argentina S.A., and Inversora Diagonal S.A., which represented 20% of the total shares in each of these companies. With these acquisitions, ICBC China became the only shareholder of the three companies mentioned above.
Standard Bank entered the Argentine market in 2007 by acquiring Bank Boston Argentina. In 2011, Standard Bank sold its controlling stake in the Companies to ICBC China, retaining 20% of the capital stock in each one. In accordance with the stock purchase agreement entered into with ICBC China, Standard Bank was entitled to sell the remaining stakes by November 2019.
Industrial and Commercial Bank of China was founded in 1984. Only ten years after, it became the largest bank in China and positioned itself as a leader in the financial market. Currently, it provides financial products and services in 42 countries and regions around the world.
Beccar Varela and Clifford Chance LLP advised ICBC China while Bruchou, Fernández Madero & Lombardi and Jones Day advised Standard Bank London Holdings Limited.
Legal counsel to buyers
Argentina Beccar Varela: partner Roberto A. Fortunati, senior associate Pedro Silvestri and associates María Inés Cappelletti and Andrés Schreiber.
International Clifford Chance: partner Hong Zhang and associate Queping Chen.
Legal counsel to sellers
Argentina Bruchou, Fernández Madero & Lombardi: partner Estanislao H. Olmos and associates Juan José Romano Blanco y Florencia Angelico.
International Jones Day: partner Simon Kiff and associate Daniel Connolly.
