Compelo Banking is using cookies

We use them to give you the best experience. If you continue using our website, we'll assume that you are happy to receive all cookies on this website.

ContinueLearn More
Close
Dismiss

Goldman to offload a stake in Industrial and Commercial Bank of China

US based investment banking and securities firm Goldman Sachs Group has decide to dispose of a stake in Industrial and Commercial Bank of China (ICBC) for HK$5.77 (74 cents) per share, to rationalize its operations.

The bank has not confirmed the exact numbers of shares put for sale; however sources familiar with the matter were quoted by media sources as saying that the sale represented a 3% discount to the bank’s closing share price on 28 January 2012.

The US bank has been disposing of its stake in the Chinese lender, as part of a strategy to trim down its exposure in ICBC and shore up required capital ahead of the implementation of banking capital regulations.

In April 2012, Goldman offloaded $2.5bn worth of ICBC stock to the Singapore based sovereign wealth fund Temasek and other institutional shareholders, while more than $5bn ICBC shares was divested during 2009, 2010 and 2011.

Goldman Sachs acquired the ICBC shares for $2.6bn in April 2006, with an aim to exploit China’s fast-growing banking industry and to gain entry into the local market.

Established in 1869, Goldman Sachs Group provides investment banking, securities and investment management services to corporations, financial institutions, governments and high-net-worth individuals.