goldman-sachs-sells-icbc-shares

Goldman Sachs sells ICBC shares

The US investment bank raises $1.9 billion by selling close to 20% of its stake at a 4.5% discount, just over a month after the lockup expired.

Goldman Sachs held out a month longer than Allianz and American Express, but last night the US investment bank finally sold close to 20% of its shares in Industrial and Commercial Bank of China ICBC, raising HK$14.79 billion $1.9 billion.

Its decision not to sell these shares immediately after the lockup expired on April 28, as did Allianz and Amex, meant Goldman was able to fetch 26% more for its shares than its two investment partners, thanks to strong gains in ICBC's share price since then. The stock has risen 27% since the sell-down by Allianz and Amex and the 4.7% jump yesterday took it to HK$5.11 -- its highest...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222