Breaking News
FONT-SIZE Plus   Neg
Share SHARE

Reports: Goldman Sachs Exits Remaining Stake In China's ICBC For $1.1 Bln

RELATED NEWS
Trade GS now with 

Financial services firm Goldman Sachs Group, Inc. (GS: Quote) has exited its entire stake in Chinese lender Industrial & Commercial Bank of China Ltd. or ICBC, with a $1.12 billion stake selldown, according to media reports on Monday.

The New York-based investment banking firm has sold its entire remaining stake of 1.57 billion Hong-Kong listed ordinary shares of ICBC, at the top end of its offering price range of HK$5.47 to HK$5.50 per share or $0.70 to $0.71 per share. The sale represents a 2.5 percent discount over ICBC's closing share price of HK$5.64 on the Hong Kong stock exchange on Monday.

Goldman Sachs, the fifth-biggest US bank by assets, has held a stake in Beijing, China-based ICBC since 2006, and has been exiting the entire stake in several tranches.

This sale is the third in the past one year as well as the sixth and final sale of ICBC shares since June 2009. Including the current sale, Goldman Sachs will have raised about $9.9 billion from several block trades of ICBC shares.

Goldman Sachs made the strategic investment of $2.58 billion in April 2006 for a 4.9 percent stake in ICBC, which was among the first investments by foreign investors in China. The investment in ICBC was made just months before the Chinese bank's mega initial public offering in Hong Kong in October 2006.

Earlier, Goldman Sachs has raised $1.0 billion in January 2013, $2.5 billion in April 2012, $1.1 billion in November 2011, $2.25 billion in September 2010 and $1.91 billion in June 2009.

The stake sale will help boost Goldman Sachs' capital positions in order to meet the requirements of Basel III regulatory banking standards, which went in force from January 1, 2013.

GS closed Monday's regular trading session at $158.90, up $0.72 or 0.46% on a volume of 4.01 million shares.

Register
To receive FREE breaking news email alerts for Goldman Sachs Group Inc. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
After ending the previous session nearly flat, stocks moved mostly lower over the course of the trading day on Friday. Uncertainty about the outlook for monetary policy weighed on the markets ahead of next week's Federal Reserve meeting. Despite the ceasefire in eastern Ukraine, the U.S. Treasury Department on Friday announced a new round of sanctions against Russia for its role in the conflict. Treasury Secretary Jacob Lew determined that persons operating within Russia's defense and related materiel sector may now be subject to targeted sanctions. Business inventories in the U.S increased in line with economist estimates in the month of July, according to a report released by the Commerce Department on Friday. The Commerce Department said business inventories rose by 0.4 percent in July, matching the increase reported for June as well as the consensus estimate.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.