Allianz, AmEx to sell ICBC stakes

German insurer Allianz and American Express are expected to cash in their stakes in Industrial and Commercial Bank of China (ICBC) and raise a total of more than US$2 billion this week as their lock-in periods end today, the Financial Times reported. Allianz owns almost 2% of ICBC, while American Express owns 0.4%. Analysts expect the firms to unload the maximum allowable shares. Goldman Sachs, however, which joined Allianz and American Express in investing in ICBC in 2006, has committed to holding on to 80% of its shares until 2010. Goldman owns 4.9% of ICBC, worth more than US$8 billion at current trading prices on the Hong Kong Stock Exchange.