Standard Bank sells London unit stake for $75 mln less than expected

  

 

Standard Bank said on Monday it sold a stake of its London business at $75 million less than what had been previously agreed, sending its shares lower.

Africa's largest lender by assets had previously agreed to sell 60 percent of its London-based Standard Bank Plc global markets business for about $765 million to the Industrial and Commercial Bank of China.

At 0830GMT, its shares were down 1.4 percent at 152.39 rand. The stock had dropped to as much as 151.50 rand earlier.

Last year, Standard Bank took an $80 million hit from its exposure to the alleged multi-pledging of metals in Qingdao, China. The lender said in a statement on Monday it retains the right to any recoveries from that exposure.

The lender also flagged its full-year earnings could range between a 5 percent increase or drop.