ICBC to sign foreign stake deal

Industrial and Commercial Bank of China is expected to sign an agreement to sell a combined 10% stake to three foreign strategic investors for US$3.78 billion, reported the South China Morning Post. Goldman Sachs, Allianz Group and American Express have dramatically increased the elements of their acquisition proposals. They will sign separate investment and strategic co-operation agreements with China's largest commercial bank, which has 20% of the banking market and 21,000 branches throughout the country. About US$2.58 billion of the committed investment will come under Goldman's name, giving it about 7% and a seat on the board. This will be Goldman's capital rather than drawing it from a consortium as was expected earlier.