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Standard Bank Sells 53% of Turkish Unit to Focus on Africa

Image By Renee Bonorchis - Standard Bank Group Ltd. (SBK) sold 53 percent of its Turkish broker and investment bank as Africa’s largest lender focuses on markets closer to home. That cut its stake in Standard Unlu to 25 percent, the Johannesburg-based bank said today in a statement translated from Turkish. The shares were bought by Turkish businessman Mahmut Unlu, who raised his shareholding to 75 percent. The statement didn’t say how much he paid.
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