US investment bank Goldman Sachs Group (GS.NYSE) plans to sell its stake in state-owned Industrial & Commercial Bank of China (1398.HKG, 601398.SH), potentially raising US$1 billion, Bloomberg reported. The ICBC shares are being sold for HK$5.77 each, 3% under the Chinese bank’s HK$5.95 price at close of trading in Hong Kong on Sunday, according to a term sheet. The numbers of shares on offer were not disclosed. The Chinese bank’s share price has rebounded almost 50% from its 2012 low. Western firms have earned generous profits from investing in Chinese lenders, the report said.
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