China ups investment in Africa's bank sector
By Andrew Moody and Zhao Yanrong in Johannesburg | China Daily | Updated: 2013-03-26 08:05
More locals putting their faith in safe havens: industry veteran
Banking is one of the sectors of the African economy in which China is emerging as a significant player.
The Industrial and Commercial Bank of China concluded the largest foreign direct investment deal in South African history six years ago when ICBC paid $5.5 billion for a 20 percent stake in Standard Bank, Africa's largest bank.
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