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| Chinese president Xi Jinping |
October 25, 2017, marked 10 years since the formal announcement of ICBC’s $5.5 billion stake in Standard Bank of South Africa.
The deal is worth recalling, partly because it has not been surpassed in terms of China/Africa acquisitions in the intervening 10 years.
It is also worthy of review because of the sometimes unexpected ways it has worked for ICBC.
Even if you only look at it as an investment play, it has yielded a better return than any bond the bank could have put the money in; it has led it into $26 billion of deals in a decade; and it also unexpectedly created an opportunity to buy a ready-made global markets and Latin America business.
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