Select a page

Banking News

Goldman to benefit from ICBC IPO

Goldman to benefit from ICBC IPO

(10 October 2006 – China) Goldman Sachs is set to be a major beneficiary of Industrial and Commercial Bank of China’s (ICBC) initial public offering. ICBC, which is China’s largest bank, is planning to list in Shanghai and Hong Kong on 27 October, and is expected to raise around US$18 to 21 billion in two simultaneous IPOs.

Last April, Goldman Sachs bought an 8.45 percent stake in IBCB, in conjunction with German insurance firm Allianz, for US$3.8 billion.

That investment could see the US investment bank net up to US$9.5 billion if the IPO meets forecast targets, with the market value of its stake in ICBC increasing to about US$6.5 billion.

Meanwhile, Joe Stevens, a leading member of Goldman Sachs’s securities joint venture in China has left the bank to take a private equity position with Standard Chartered.

Stevens left his role as chief operating officer with Goldman Sachs Gao Hua Securities on 29 September.

Comment on this article


Your comments will not be published. Required fields are marked *


Please enter the word you see in the image below:


Subscribe to our mailing list

Sign up now to keep up-to-date with the latest
market news and insights in B2B banking.

* indicates required

For more information please read our Terms and Conditions and Privacy Statements.