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Goldman selling $US1bn of ICBC stock

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NEW YORK, Jan 28 AFP

January 29 2013, 07:41AM

Goldman Sachs is selling $US1 billion ($A960.66 million) worth of shares it holds in the Industrial and Commercial Bank of China (ICBC), China's largest commercial banking group, a person close to the issue has told AFP.

The shares were placed on the Hong Kong market Monday at $HK5.77 ($US0.74), the source said.

Goldman's stake in ICBC was some 4.9 per cent in 2006, and has since been pared back.

The source would not say how much an interest in ICBC the US investment bank would retain after the newest sale.