China’s ICBC says sells 8.89% stake to 3 foreign investors – MarketWatch

From MarketWatch (link)

Industrial & Commercial Bank of China sold an 8.89% stake to three foreign strategic investors, the Chinese lender said.

ICBC, China’s largest bank by assets, on Friday completed the sale of the stake to Goldman Sachs Group Inc., German insurer Allianz AG, and U.S. financial-services group American Express Co.for about $3.8 billion, the Chinese bank said in a statement.

The investors together bought 24.19 billion newly-issued shares of ICBC, the statement said.
The statement didn’t provide a breakdown of the size of the stakes each of the three investors took. An official in ICBC’s media department, who declined to be named, also said Saturday that the bank hasn’t disclosed that information.



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