In October 2007, the world’s largest bank, the Industrial and Commercial Bank of China (ICBC) bought a 20% stake in Africa’s largest bank, Standard Bank, for R36.7bn ($5.24bn). It was the largest ever investment by a Chinese company and the biggest foreign direct investment ever made into Africa.
The deal reflected a wider trend across Africa that has seen foreign direct investment flows soar over the past decade. The emerging economic powerhouses of Russia, India and, in particular, China are pouring billions into a continent rich with resources and with vast potential.
