Posted by: youngragingbull | January 28, 2013

Goldman Sachs sells $1B stake in Chinese bank

Goldman Sachs launched a sale of approximately $1 billion worth of Hong Kong-traded shares in Industrial and Commercial Bank of China on Monday, according to a source with knowledge of the deal.

Goldman, looking to reduce further its stake in the world’s largest bank, offered the shares in ICBC at HK$5.77 each, equivalent to a discount of 3 percent to Monday’s close of HK$5.95.

The U.S. bank has held a stake in ICBC since 2006.

The sale would be Goldman’s second in less than a year, after the New York-based investment bank raised $2.5 billion from a partial selldown of ICBC in April of 2012, most of which was bought by Singapore state investor Temasek.

The sale last year was part of an effort by Goldman to derisk, Chief Financial Officer David Viniar said at the time. The deal left Goldman with a stake valued at about $2 billion in April last year.

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