China: Forward march

China: Forward march

China Bonds

By Elliot Wilson In November 2007, Industrial and Commercial Bank of China dropped a bombshell. Its first large, long distance acquisition was for a fifth of South Africa-based Standard Bank, for $5.6 billion. Until then, Beijing’s largest lender by market cap and revenues had only made a few small purchases near China’s borders. Some analysts said the deal was a game-changer – others, a risk too far. Neither ICBC nor Standard Bank has ever given details of revenues or profits from the deal. But for both sides, the deal is seen as a blinding success: ICBC gained access to economically resurgent sub-Saharan Africa. Standard Bank in turn has leveraged its relationship with ICBC as well as

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