The Industrial and Commercial Bank of China Ltd (ICBC) and Standard Bank Group will set up a private equity (PE) fund as the two banks try to boost strategic cooperation, the ICBC said yesterday.

The $1 billion PE fund will invest in entities or projects that focus on natural resources such as metals, petroleum and natural gas.

The fund will finance and advise firms with operations in China and Africa and will also invest in other regions around the world, the ICBC said.