ICBC signs up investors for 10pc stake Goldman Sachs, Allianz and American Express will together invest US$3b in the mainland lender ICBC signs up investors for 10pc stake.

(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 …