Standard Bank sells majority interest in Standard Bank Argentina
Clients Standard Bank
Jones Day advised Standard Bank Group Limited in the disposal of the majority of its interest in Standard Bank Argentina S.A. (SBA) and associated local affiliates Standard Investments S.A. Sociedad Gerente de Fondos Comunes de Inversión and Inversora Diagonal Sociedad Anónima to Industrial and Commercial Bank of China Limited. Standard Bank had a 75 percent shareholding in SBA and a 70 percent shareholding in the local affiliates. The remaining shares in the target companies were held by an investment vehicle for the Argentine Sielecki and Werthein families. Standard Bank has retained a 20 percent stake in the target companies post-closing and the minority shareholders sold the entirety of their interest in ICBC.
This transaction was awarded "Westlaw China Award M&A Deal of the Year" at the 9th Annual ALB China Law Awards 2012 ceremony. The event recognized the excellence and outstanding achievements of China's leading law firms and in-house legal teams as well as top deals and dealmakers for 2011.