American Express (AXP) Plans To Sell Stake In China Bank

The NY Post is reporting that American Express (NYSE: AXP) is planning to dump its stake in the Chinese bank Industrial & Commercial Bank of China. American Express's Ken Chenault plans on sellling the stake after a restriction on selling shares is removed in three months.

American Express's Ken Chenault plans to sell its stake in Chinese bank Industrial & Commercial Bank of China when a restriction on unloading shares in the Shanghai-based institution is lifted in three months.

By American Express selling the ICBC stake would give AMEX an opportunity to raise much-needed cash in this terrible economic climate.

AmEx bought shares in ICBC in January 2006, and with buying the shares, AMEX was blocked from selling its stake through a three-year lockup but can sell at least 50% of their shares April 28.

American Express's shares in ICBC are expected to be worth approximately $500 million, which is more than double what AmEx paid for them.

American Express Company (American Express) is a global payments and travel company.
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