Goldman Sachs Sells Final US$1.1 Billion Piece of Chinese Bank (Asia)
Source: Financial Times | Author: Paul J. Davies
The private equity arm of global investment bank Goldman Sachs has sold the remainder of its stake, totaling 1.58 billion shares, in Industrial and Commercial Bank of China (ICBC) for US$1.1 billion. The divestment, which took place through a block share sale on the Hong Kong Stock Exchange, reportedly brings Goldman Sachs’s total return on its investment to US$9.9 billion over six transactions. Goldman Sachs originally invested US$2.58 billion in ICBC in 2006.