Goldman Sachs completes another partial exit from ICBC

Goldman sold the shares in a block trade at HK$5.77 apiece, representing 3% discount to ICBC's Monday close of HK$ 5.95, according to a term sheet obtained by Bloomberg. Edward Naylor, a Hong Kong-based spokesman of Goldman Sachs, said the company has no immediate plans to sell more shares following this transaction.

Goldman first bought a 4.9% stake in ICBC for $2.58 billion in April 2006, before the Chinese bank's Hong Kong listing. ICBC currently trades in both Hong Kong (H-shares) and Shanghai (A-shares).

Last April, Goldman sold $2.5 billion worth of H-shares to Temasek Holdings and other institutional investors. The Singapore sovereign wealth fund took $2.3 billion of the placement, which amounted to a 1.3% stake in the bank. In November 2011, Goldman also divested $1.1 billion worth of shares in its third sell down in the Chinese lender.

As of last week, the National Social Security Fund was the largest shareholder of ICBC's H-shares with a 12% stake. Other H-share investors in the company included J.P. Morgan (7%), Credit Suisse (6.9%), Temasek (6%) and Blackrock (5.8%).

ICBC fell 2.4% to HK$5.81 in Tuesday's morning trading.

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• Topics
• Exits
• Greater China
• Financials
• Exit
• China
• Goldman Sachs
• Financial Services
• Temasek Holdings