Tags: Goldman Sachs | Billion | Stake | ICBC

Goldman Sachs Said to Offer Remaining $1.1 Billion Stake in ICBC

Monday, 20 May 2013 06:54 AM

Goldman Sachs Group Inc. is seeking to sell its remaining $1.1 billion stake in Industrial & Commercial Bank of China Ltd., ending a seven-year investment in the world’s largest lender by market value.

The New York-based bank is offering its remaining shares in ICBC at HK$5.47 to HK$5.50 each, according to a person familiar with the matter, who asked not to be identified because the information is private. Shares in ICBC, the world’s most profitable lender, climbed 1.4 percent to HK$5.64 in Hong Kong.

Goldman Sachs last sold a stake in January, divesting a $1 billion holding. The Wall Street firm and client funds it manages first invested in 2006, when they acquired a $2.58 billion stake in Beijing-based ICBC. The bank and the funds offloaded ICBC shares at least five times before the latest sale, data compiled by Bloomberg show.

The sale, earlier reported by IFR, comes after ICBC last month reported a 12 percent increase in first-quarter profit, defying a sluggish domestic economy to boost lending. ICBC extended 461 billion yuan of new loans in the first quarter, 25 percent more than in the same period a year earlier.

China’s economy grew 7.7 percent in the first quarter, trailing the median forecast of 8 percent in a Bloomberg survey.

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