Standard Bank is in negotiations to put up for sale of its markets business in London to Industrial and Commercial Bank of China (ICBC). Sources familiar with the transaction said the deal is valued at around US $500 million.

This development followed after Standard Bank announced in November that it is planning to slash up to 15% of its staff in London to save US $100 million.

The transaction, which may be finalized in the next few months, includes the South African bank's foreign exchange, commodities and operations for interest rate trading. The transaction also marks Standard Bank's efforts to break away from ventures outside Africa.

According to a Bloomberg report, the South African bank is concentrating on growing its presence in the rising sub-Saharan markets.

ICBC, which currently owns around 20% of the South African bank, is perceived as one of the world's biggest banks by assets. The latest transaction only indicates its bid for a global expansion.

Just last year, the Johannesburg-based lender also concluded the sale of 80% of its stake in an Argentine business to ICBC.