Bloomberg News

Goldman Sachs Sells $2.5 Billion ICBC Stake

April 15, 2012

Temasek Holdings Pte is buying Goldman Sachs Group Inc. (GS:US)’s shares in Industrial & Commercial Bank of China Ltd. as the Singapore state-owned investment company adds to its holdings of China’s biggest lenders.

Temasek is buying 3.55 billion shares of ICBC, giving it a deemed interest of 5.3 percent of its Hong Kong-traded stock, according to a statement. Goldman Sachs, the fifth-biggest U.S. bank by assets, is selling $2.5 billion of shares at HK$5.05 apiece, according to two people with knowledge of the matter. Haslinda Amin reports on Bloomberg Television's "On the Move Asia" with Rishaad Salamat. (Source: Bloomberg)

Running time 02:36

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Companies Mentioned

  • GS
    (Goldman Sachs Group Inc/The)
    • $185.03 USD
    • 1.72
    • 0.93%
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