One of the major American banks Goldman Sachs is going to sell its remaining stake in Industrial & Commercial Bank of China (ICBC). Reuters reports that it will raise about $1.1 billion as a result of the deal.
Goldman Sachs will offer ICBC shares at 5.47 – 5.5 Hong Kong dollars each, which is 3% lower than the closing price of May 20 (5.64 dollar).
The American bank became a shareholder of ICBC in 2006 after buying its shares for $2.58 billion. According to Bloomberg, it has reduced its stake 5 times since 2009 (Reuters reports 6 times). In January 2013, Goldman Sachs got one billion dollars from selling the shares of the Chinese lender.
If Goldman Sachs succeeds to sell them for the desired $1.1 billion, its total revenue will exceed $10 billion.