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. Last Updated: 07/27/2016

African Bank Eyes Stake in Antanta

Africa's biggest banking group by assets, Standard Bank, is in talks to acquire a majority stake in Russian financial group Antanta Pioglobal, Vedomosti reported Tuesday.

The two sides have not yet agreed on a price, Vedomosti quoted a source within Antanta Pioglobal as saying. The company values itself at $600 million, but the potential buyer values it at only $200 million, the source told the newspaper.

South Africa-based Standard Bank declined to comment on the report, saying it was in a closed period ahead of the release of interim results Wednesday.

But Standard Bank spokesman Erik Larsen said Tuesday that the bank had made clear in the past that it would look at acquisition opportunities.

Antanta Pioglobal's main shareholders include investment company Antanta Capital and management company Pioglobal Asset Management, the newspaper said.