Goldman Sachs is selling the rest of its Industrial and Commercial Bank of China (ICBC) stake, worth around USD 1.1 billion, in a move to exit an investment it made into the bank seven years ago.
Goldman is selling the shares of China's largest commercial banking group in the range of USD 0.70 to USD 0.71, a discount of 2.5 per cent to 3.0 per cent compared to today's closing price.
The firm sold USD 1 billion worth of ICBC shares in January and could raise more than USD 9.7 billion from selling all of its shares in the bank.
Goldman made the investment into ICBC for 4.9 per cent stake in 2006 before the bank's IPO in Hong Kong, and has since pared back on its investment.
