Goldman Sachs cleared for ICBC deal

A consortium led by Goldman Sachs has received preliminary government approval to take a 10% stake in state-owned Industrial & Commercial Bank of China (ICBC) for US$3.7 billion, the Wall Street Journal reported, citing two people familiar with the situation. They expected the deal would receive final approval in the next two weeks and be signed next month. The consortium, which also includes American Express and Allianz AG of Germany, signed a preliminary agreement with ICBC in August.