The Industrial and Commercial Bank of China (ICBC; 01398.HK; 601398.SH) and Standard Bank of South Africa signed an agreement to jointly issue 10 billion rand (about 695 million U.S. dollars) of bond on Friday.
The agreement with signed with the presence of China's president Xi Jinping and South African President Jacob Zuma during Xi's state visit to South Africa. According to the agreement, the ICBC will entrust Standard Bank to issue 10 billion Rand of bond to support industrialization and infrastructure construction projects.
By the end of September, the ICBC has signed agreements for 44 Sino-Africa cooperation projects promising 10 billion dollars of loans and covering 20 African countries. Standard Bank is the largest bank in Africa by assets. The ICBC acquired 20 percent stake of Standard Bank for 5.5 billion dollars in 2008 and became its largest shareholder.
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