Moody's reviews Standard Bank

Moody's Investors Service said it placed the Baa2 subordinated debt rating and the Baa3 junior subordinated debt rating of Standard Bank plc on review with direction uncertain following the announcement that Standard Bank Group has reached an agreement to sell a majority stake in Standard Bank plc, its U.K. subsidiary, to Industrial & Commercial Bank of China Ltd. (A1/stable).

Currently, Standard Bank plc's ratings are fully aligned with those of Standard Bank Group, as Moody's views the U.K. subsidiary as a highly integrated and harmonized entity within the group. During the review, the agency will assess Standard Bank plc's standalone credit profile and the likelihood that the subsidiary could, under the new ownership structure, benefit from parental support from Industrial & Commercial Bank of China in case of need.

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