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GOLDMAN SACHS JOINING SHARES IN ICBC IN AN UNPRECEDENTED $3.78L-B- DEAL
Info-Prod Research (Middle East), February, 2006
According to fdi.gov.cn: The Industrial and Commercial Bank of China (ICBC) and a Goldman Sachs-led investment consortium (comprising Goldman Sachs, Allianz and American Express) signed in Beijing a strategic investment and partnership agreement. According to the agreement, the consortium will spend 3.78 billion USD joining shares in ICBC.
The strategic investment will be effected by buying new ICBC shares. The consortium will set one director on the ICBC board of directors. Meanwhile, the two sides also signed a comprehensive partnership agreement. Now these two agreements are waiting on an official stamp from the China Banking Regulatory Commission (CBRC).
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