Industrial and Commercial Bank of China President Yang Kaisheng has said the bank will hold a pre-IPO sale for strategic foreign investors at some point in 2006, the South China Morning Post reported. ICBC, the country's biggest commercial lender, received a US$15 billion state injection in April to help wipe out US$93 billion in non-performing loans and US$4.3 billion in subordinated bonds. As a result, the bank's capital adequacy ratio rose to 10.26. A Goldman Sachs consortium is said to be looking at making a US$3 billion offer for 10% of ICBC.
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