ICBC nears stake sale

China's biggest lender, the Industrial and Commercial Bank of China, may sign an MOU to sell a stake to a consortium that includes Goldman Sachs and Allianz for at least US$2 billion, according to the South China Morning Post, citing unnamed sources. The size of the stake was unclear, although ICBC chairman Jiang Jianqing has said that the bank hopes to sign a non-binding MOU on the sale of a combined 10 percent stake to potential foreign investors by the end of this month, according to the report. Goldman Sachs' ICBC investment would raise its chances of underwriting ICBC's subsequent multi-billion dollar overseas IPO.