Goldman said exiting ICBC

May 20, 2013, 11:30 AM EDT
An office worker leaves the Industrial and Commercial Bank of China (ICBC) headquarters in Hong Kong on August 24, 2011.
AFP/Getty Images/LAURENT FIEVET

Goldman Sachs is reportedly selling its sixth and last remaining tranche of shares in Industrial and Commercial Bank of China (ICBC). The sale in Hong Kong is expected to raise $1.1 billion, taking the total realized by the U.S. investment bank for its shareholding to $9.9 billion. Goldman bought into ICBC for $2.6 billion several months ahead of the Chinese state-controlled bank's Hong Kong initial public offering, with the stake split between the company, third-party private equity funds and Goldman senior partners.

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