ICBC enlists Goldman

Industrial & Commercial Bank of China says it is to team up with Goldman Sachs Group. China’s largest bank by assets will enter into a strategic co-operation agreement with the global investment bank that will bring in management expertise in addition to an investment deal announced in January. A Goldman-led group that includes Allianz AG and American Express is to buy a 10% stake in ICBC for US$3.78 billion. Like other international banks, Goldman Sachs is keen to invest in Chinese financial institutions and profit from underwriting share offerings.