Goldman sells last of ICBC stake

(Source: Reuters)

Goldman Sachs has launched the sale of its remaining £722.6m of Hong Kong-traded shares in the Industrial and Commercial Bank of China (ICBC).

The shares were first purchased in 2006 at the time of the ICBC IPO, at which time Goldman invested $2.58bn in the bank. Since the purchase the bank has transformed from a debt saddled state institution to the largest bank by market value in the world at $240bn, nearly greater than the combined worth of JP Morgan and Barclays.