Credit card service provider American Express will keep its 0.19% stake in China’s largest bank, the Industrial and Commercial Bank of China (ICBC), Reuters reported. Analysts believe the decision signifies that American Express has left the worst of the financial crisis behind and is no longer seeking to bolster its liquidity. In April American Express sold half of its ICBC shares, which generated US$210 million in revenue. The lock-up period for the credit card company’s remaining ICBC shares expires October 20. American Express purchased its shares in ICBC during a major restructuring several years ago, during which many Western banks took up stakes in Chinese lenders. ICBC benefitted from a government bail-out and went on to become the largest and most profitable bank in the world with a market capitalization of more than US$248 billion.
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