Grupo Financiero Inbursa, the bank controlled by Mexican multi-billionaire Carlos Slim, said it had agreed to acquire the Brazilian unit of South Africa's Standard Bank Group for approximately $45 million.

The deal is still subject to regulatory approval in Brazil, Mexico and South Africa, Inbursa said in a filing with the Mexican Stock Exchange.

Banco Standard de Investimentos SA "offers a suitable platform for developing the business from its initial phase, in keeping with the principles, criteria and experience" of Grupo Financiero Inbursa, the Mexican bank said.

Inbursa is Mexico's sixth-largest commercial bank by assets. EFE