Industrial and Commercial Bank of China Limited (ICBC) has entered into a ZAR Master Agreement with Standard Bank South Africa (SBSA) for borrowing ZAR funding from SBSA. Standard Bank underwrites ICBC’s ZAR funding requirements and facilitates ICBC’s ZAR funding opportunities in South Africa.
ICBC is working with Standard Bank to become the leading Sino-Africa financial service provider and is interested in providing funding to South African state-owned companies as well as various other South African corporates. ICBC is a risk sharing partner with Standard Bank in order to make more ZAR liquidity available to the market.
Industrial and Commercial Bank of China Limited (ICBC) is a strategic partner of Standard Bank. Standard Bank and ICBC leverage each other’s strengths in sourcing Rand and foreign currency to progress in strategically relevant corporate investment banking opportunities in Africa.
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