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(From South China Morning Post)
Byline: banking Bei Hu
The mainland's biggest lender, Industrial and Commercial Bank of China (ICBC), has signed a memorandum of understanding to sell a combined 10 per cent stake to Goldman Sachs, Allianz Group and American Express (Amex) for about US$3 billion, sources close to the agreement said.
Under the non-binding document, which the sources said was signed in Beijing yesterday, Goldman would put in between US$1.7 billion and US$1.8 billion for an investment in the Beijing-based lender, which commanded a share of about 20 per cent of the country's deposits and bank loans last year.
Allianz would pay …