* Deal value not disclosed
* Reduces stake to 25 pct
* Is focusing on growing Africa operations
* Acquisition in Nigeria may be on cards-analyst
* Shares up 1.8 pct vs 0.03 pct index drop
(Adds details)
ISTANBUL/JOHANNESBURG, April 10 (Reuters) – South Africa’s
Standard Bank is selling most of its stake
in Standard Unlu to its partner in the Turkish investment
banking venture in another move to scale back non-African
operations.
Standard Bank will cut its holding to 25 percent from 67
percent, lifting the stake held by Mahmut Unlu to 75 percent,
according to a press release.
Standard Bank will sell a 53 percent stake to Unlu and buy
out 11 percent held by minority shareholders. The value of the
deal was not disclosed
Standard Unlu posted sales of 72.4 million liras ($40.26
million) in 2011 and a net profit of 21.7 million liras.
Continued…
