ICBC Gains Foothold In Argentina

ICBC Gains Foothold In Argentina

Argentina China M&A

Industrial and Commercial Bank of China (ICBC) has agreed to acquire 80% of the shares of Standard Bank Argentina, Standard Investments, and Inversora Diagonal for $600m. The implied EV of $750 yields an implied EV/earnings multiple of around 18x, in-line with the 18x 2011 expected earnings Colombian conglomerate GrupoSura paid last month for ING’s LatAm insurance assets. Standard Bank will remain a 20% shareholder in Standard Bank Argentina following the transaction. Faizal Moolla, a Cape

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