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Standard Bank sells London unit stake for $75 million less than expected

Published 02/02/2015, 08:35
Updated 02/02/2015, 08:40
© Reuters. To match Feature FRONTIERS/AFRICA

JOHANNESBURG (Reuters) - Standard Bank (J:SBKJ) said on Monday it sold a stake of its London business at $75 million less than what had been previously agreed, sending its shares lower.

Africa's largest lender by assets had previously agreed to sell 60 percent of its London-based Standard Bank Plc global markets business for about $765 million (508 million pounds) to the Industrial and Commercial Bank of China (SS:601398).

At 0830GMT, its shares were down 1.4 percent at 152.39 rand. The stock had dropped to as much as 151.50 rand earlier.

Last year, Standard Bank took an $80 million hit from its exposure to the alleged multi-pledging of metals in Qingdao, China. The lender said in a statement on Monday it retains the right to any recoveries from that exposure.

The lender also flagged its full-year earnings could range between a 5 percent increase or drop.

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