Goldman exits ICBC as banks face squeeze
Goldman Sachs has toppled The Carlyle Group at the top of China’s exit rankings, with $9.85 billion in proceeds generated from its investment in Industrial and Commercial Bank of China (ICBC) against an initial commitment of $2.58 billion.
Earlier this year, Carlyle walked away from China Pacific Insurance with more than $5 billion, having originally put in $800 million - a higher multiple than for the ICBC deal, but a lower cash-on-cash...
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