Standard Bank Sells Brazillian Subsidiary to Mexican Banking Group

Standard Bank Group Limited has reached agreement with Grupo Financiero Inbursa SAB, the listed Mexican banking group, (“Inbursa”) in terms of which Inbursa will acquire Standard Bank’s Brazilian licensed banking subsidiary, Banco Standard de Investimentos S.A. (“BSI”) for a price to be determined with reference to the closing net asset value of BSI, which is currently approximately US$45 million. The transaction is subject to regulatory approvals in South Africa, Brazil and Mexico.

Standard Bank remains committed to its model of linking Brazilian clients with both Africa and China, leveraging its relationship with the Industrial and Commercial Bank of China, and will be making application for a representative office in Brazil from which it will continue to service these clients.

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