Goldman Sachs sells last of ICBC

Goldman Sachs Group (GS.NYSE) put its remaining stake in the Industrial and Commercial Bank of China (ICBC; 601398.SHA, 1398.HKG) up for sale, Reuters reported. Goldman is pricing the shares to value its stake at US$1.1 billion. The investment bank initially bought into ICBC in 2006 when the bank first went public, investing US$2.58 billion, but has sold down those holdings in recent years. If Goldman sells its final stake in the bank for US$1.1 billion as expected, its total revenue from the series of sell-offs would be US$10.1 billion.