Goldman Sachs exits ICBC with final $1.1 billion block trade

Seven years and six sell-downs after its initial investment in China’s biggest bank, Goldman puts an end to one of its most lucrative investments.

Goldman Sachs has sold its final batch of shares in Industrial and Commercial Bank of China ICBC, putting an end to a strategic partnership that has lasted seven years and yielded significant returns for the US bank.

It’s only been three-and-a-half months since Goldman’s previous sell-down and the share price is still slightly below where it was back then, but the demand was still strong enough for the price to be fixed at the top of the range, resulting in a tight 2.5% discount and a total deal size of HK$8.72 billion $1.1 billion.

Perhaps investors felt that this was the last chance in...

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