S&P: Industrial and Commercial Bank of China unaffected

Standard & Poor's said its ratings on Industrial and Commercial Bank of China Ltd. (BBB+/positive/A-2) were not affected by the bank's plan to pay HK$4.56 billion to acquire an 80% equity interest in Seng Heng Bank Ltd.

The acquisition would have an immaterial impact on the bank's capitalization, according to S&P.

The acquisition also fits with the bank's plans to gradually and cautiously expand overseas, the agency said. It's expected that ICBC will continue to seek mergers-and-acquisition opportunities overseas, particularly in neighboring markets, S&P said.

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