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Industrial and Commercial Bank of China, Allianz reaffirm strategic cooperation

The lock-up period for the H-shares held by Allianz will expire on April 28, 2009 and on October 20, 2009

Industrial and Commercial Bank of China and the Allianz Group have reaffirmed their strategic cooperative relationship and have disclosed the arrangement of shares after the lock-up period.

Pursuant to the shareholder rights agreement between Industrial and Commercial Bank of China (ICBC) and Allianz, the lock-up period for the H-shares held by Allianz will expire in two equal installments on April 28, 2009 and October 20, 2009. Allianz will deal with the shares in an appropriate way through cooperation with ICBC. In case of divestiture Allianz will explore all potential methods of sale that would maximise value and minimise market impact, with a preference for a private sale to investors, according to ICBC.

ICBC has said that by the end of 2008, the total amount of bankassurance products it sold for Allianz exceeded RMB3.2 billion and the latter had around RMB1.8 billion custodian assets in ICBC.

Jiang Jianqing, chairman of ICBC, said: We are very satisfied with the achievements we made together in past three years and view bank-insurance cooperation a promising business for both. We look forward to further enhancing our long-term and mutually-beneficial strategic cooperative relationship.