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ICBC sells stake to Goldman, AmEx

ICBC sells stake to Goldman, AmEx

(2 May 2006 – China) A consortium headed by Goldman Sachs has bought an 8.89 percent stake in Industrial and Commercial Bank of China (ICBC). Goldman Sachs paid ICBC, the largest bank in China, US$3.8 billion for the stake.

American Express and Allianz formed part of the consortium.

According to ICBC, the stake was the largest one off investment made so far by foreign investors in China’s financial services sector.

"The completion of the transaction helps lay a sound foundation for ICBC to diversify its ownership structure, expand strategic co-operation and improve corporate governance," ICBC said.

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