Goldman Sachs has launched a sale of approximately US$1.1 billion worth of Hong Kong-traded shares in the world’s biggest bank, Industrial and Commercial Bank of China (ICBC), offering to sell its entire remaining stake in the lender.
The sale would be Goldman’s third offer of ICBC shares in approximately one year. The investment bank has held a stake in ICBC since 2006 and Reuters reported that the sale will "mark the end of an era" for the bank.
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Goldman raised US$2.5 billion from a partial selldown of ICBC in April of 2012, most of which was bought by Singapore state investor Temasek TEM.UL, and another in January of 2013 worth US$1 billion.
Goldman has offered the ICBC shares in a range of HK$5.47 to HK$5.50.
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By GlobalData
