UPDATE 2-Standard Bank posts flat profit as problem ICBCS venture drags [Reuters (UK)]
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Source: Reuters
UPDATE 2-Standard Bank posts flat profit as problem ICBCS venture drags - Reuters 3 Min Read (Adds shares, details) JOHANNESBURG, March 5 (Reuters) - Standard Bank, Africa’s largest lender by assets, posted flat full-year profit on Thursday, as losses deepened to $248 million at its struggling London-based joint venture with Industrial and Commercial Bank of China (ICBC). The South African-based lender’s stake in the venture is one of the last remaining relics of its failed bid to become a global emerging markets lender - a strategy it has been trying to unwind in recent years to refocus on its home continent. Standard Bank reported a 1% rise in headline earnings per share - the main profit measure in South Africa - to 1,766.7 cents ($1.16) in the year to Dec. 31, compared with 1,748.4 cents a year earlier. The business unit housing its 40% stake in the venture, ICBC Standard Bank (ICBCS), was a drag, the lender said in a statement. Standard Bank’s share of losses in ICBCS was 1.4 bil
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