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South Africa's Standard Bank cuts value of ICBCS stake as market worsens

South Africa's Standard Bank cuts value of ICBCS stake as market worsens
The logo of South Africa's Standard Bank is seen above the company's headquarters in Cape Town, South Africa May 6, 2016. REUTERS/Mike Hutchings/File Photo -
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Mike Hutchings(Reuters)
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(Reuters) – South Africa’s Standard Bank <SBKJ.J> on Tuesday slashed the value of its stake by 43% in the company formed with China’s Industrial and Commercial Bank of China, citing inability to deliver returns due to poor market conditions and client flows.

Standard Bank has impaired the value of its 40% holding in ICBC Standard Bank (ICBCS) to $220 million from $383 million as of September end, the biggest African bank by assets said.

That resulted in an impairment of 2.4 billion rand ($162.89 million), which has been taken into account in its earnings attributable to shareholders, Standard Bank said.

The lender, however, said that excluding the ICBCS impairment, profit rose 2% in the nine months to Sept. 30 from a year earlier.

($1 = 14.7338 rand)

(Reporting by Muvija M in Bengaluru; Editing by Arun Koyyur)

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