The Industrial and Commercial Bank of China (ICBC) and its South African partner, Standard Bank, signed an agreement on Tuesday to launch a US$1 billion global resources fund.

The fund would focus on opportunities in Africa and China, especially in specific fields such as preliminary mining, energy and resources.

The two banks began talks on the fund last year, and have reached a final agreement that each will invest US$200 million with the remainder made up of third party funding.

The ICBC has been seeking opportunities overseas to expand its international business. It completed the purchase of a 20-percent stake in Standard Bank for about US$5.5 billion earlier this month.

Standard Bank has 1,501 branches and a presence in 18 African countries and major financial centers in Europe, North America and Asia.

(Xinhua News Agency March 18, 2008)