ICBC and Standard Bank form strategic partnership

Industrial & Commercial Bank of China Ltd (ICBC) <601398><1398> and Africa's Standard Bank Group Ltd announced on Tuesday to form a long-term strategic partnership to conduct cooperation across the world.

The two are likely to set up a private fund management company as part of their cooperation. They plan to form a US$1 billion fund to invest in natural resources worldwide such as oil, natural gas, in which they will invest US$200 million each with the remaining US$600 million made up from the public.

Early this month, ICBC acquired 20% stakes in Standard Bank Group, Africa's largest lender, at a cost of US$4.6 billion, becoming the biggest single shareholder in the latter, also the largest single overseas investment ever conducted by Chinese banks.

ICBC, the world's largest bank in terms of market value, owns wide networks and huge number of high-quality clients in China. Over recent years, it has expanded its businesses to 13 countries and regions to offer full range of financial services to clients.