Industrial and Commercial Bank of China (ICBC) has agreed to buy an 80% stake in Seng Heng Bank, which will see it assume control of the Macau-based lender from gaming tycoon Stanley Ho. According to the Financial Times, ICBC will pay US$590 million, of which US$510 million will go to Ho's Sociedade de Tourismo e Diversoes de Macao for its controlling stake. Further shares will be purchased from Seng Heng CEO Partrick Huen, although a company wholly owned by Huen will retain the remaining 20% interest in the bank. Seng Heng is the second-largest locally incorporated bank in Macau, with assets worth US$3.2 billion. The largest player in Macau's financial sector is Bank of China, which also holds a 50% stake in Banco Tai Fung.