Remember when the Standard Bank sold most of its majority stake in Argentina to the Industrial & Commercial Bank of China (ICBC) last December?
Probably not, which is why you’re now freaking out on Twitter that you got a letter in the mail from your friendly neighborhood bank suggesting that, starting tomorrow, you begin calling it a different way, not that you have much of a choice.
Back in December, the Standard Bank sold its majority stake in Standard Bank Argentina and its affiliated companies to 20% shareholder ICBC for over $400 million, netting a profit $180 million.
Alright, now that you’ve been appraised of the situation you’re more than welcome to make all the jokes you want about China taking over the world. Have fun.
(Photo via Wikipedia, Story via Financial Mail)