Standard Bank cuts its stake in ICBCS by 42.56%
DURBAN – Africa’s biggest lender by assets, Standard Bank, has cut the value of its stake by 42.56 percent in ICBC Standard Bank (ICBCS), negatively impacted by deteriorating market conditions and lower than anticipated client flows.
Standard Bank said yesterday that it had impaired the value of its 40percent associate investment in ICBCS from $383million (R5.65billion) to $220m as at the end of September.
“The impairment of R2.4bn has been recognised in earnings attributable to ordinary shareholders. As at September 30, ICBCS had sufficient capital to meet its regulatory requirements,” the group said.
Source: iol.co.za