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Goldman Sachs seeks to sell $1b ICBC stake

Updated: 2013-01-29 07:25
By Bloomberg News ( China Daily)

Goldman Sachs Group Inc is seeking to sell a $1 billion stake in Industrial & Commercial Bank of China Ltd after the share prices of the world's biggest lender by market value rebounded almost 50 percent from last year's low.

The shares are being offered at HK$5.77 (75 US cents) each, 3 percent lower than the lender's HK$5.95 closing price in Hong Kong on Monday, according to a term sheet obtained by Bloomberg News. The document does not indicate the number of shares offered.

Investing in local lenders in China is reaping bigger profits for foreign banks than operating their own franchises in the world's second-largest banking market. The Western firms' gains on those stakes are set to exceed their investments, with more than $20 billion in holdings remaining even after they recouped about $24 billion.

Goldman Sachs seeks to sell $1b ICBC stake