The end of the dream.
'The principal legal entity that would form part of a transaction is Standard Bank Plc, the group’s London banking operation', the Johannesburg-based lender said in a statement Friday. The bank said it would retain a minority stake to ensure access to the business for its African network and clients.
Bloomberg reports that Standard Bank said in July it was exploring closer cooperation with its biggest shareholder Industrial & Commercial Bank of China on its global markets and commodities businesses.
Standard Bank’s renewed focus on Africa and withdrawal from other emerging markets weakens the case for keeping some of the investment banking operations it runs from London, where it has been cutting jobs to reduce costs.
Standard Bank needs to 'finally wrap up the process of exiting non-core regions and repatriating the capital', Neville Chester, who helps oversee the equivalent of $44bn at Coronation Fund Managers in Cape Town, said in an e-mailed response to questions on 6th November.
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image: © Valerie Everett