Goldman Sachs (GS) Looks to Unload Another $1B ICBC Stake
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Goldman Sachs (NYSE: GS) is looking to capture a little but more profit from one of its China bank holdings, according to the latest market data.
Bloomberg reports that the firm is looking to sell a $1 billion stake in Industrial & Commercial Bank of China Ltd (ICBC). Shares will be priced at about HK$5.77 apiece, a three percent discount to the lenders most recent closing price. The specific number of shares being offered wasn't mentioned.
Goldman made a $2.58 billion investment in ICBC back in 2006. In just the last year, ICBC shares have gained eight percent and have appreciated over 15 percent since a $2.5 billion stake was sold to Temasek Holdings in Singapore last April. About four sales have been made since the investment was made, according to Bloomberg-compiled data.
Many international banks have also capitalized on China's growth over the last decade or so. Market data has names like BofA (NYSE: BAC), BNP Paribas, Citi (NYSE: C), and others investing $33 billion in Chinese banks from 2001 through 2009.
Goldman is flat in early trading Monday.
Bloomberg reports that the firm is looking to sell a $1 billion stake in Industrial & Commercial Bank of China Ltd (ICBC). Shares will be priced at about HK$5.77 apiece, a three percent discount to the lenders most recent closing price. The specific number of shares being offered wasn't mentioned.
Goldman made a $2.58 billion investment in ICBC back in 2006. In just the last year, ICBC shares have gained eight percent and have appreciated over 15 percent since a $2.5 billion stake was sold to Temasek Holdings in Singapore last April. About four sales have been made since the investment was made, according to Bloomberg-compiled data.
Many international banks have also capitalized on China's growth over the last decade or so. Market data has names like BofA (NYSE: BAC), BNP Paribas, Citi (NYSE: C), and others investing $33 billion in Chinese banks from 2001 through 2009.
Goldman is flat in early trading Monday.
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