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05.21.2013 19:58

Goldman Sachs Sells Last ICBC Shares

Fears about loan quality and the country's economy behind sale by U.S. investment bank, analysts say
By Hong Kong correspondent Wang Duan
A

(Hong Kong) – Investment bank Goldman Sachs has cashed out on its remaining H-share holdings in Industrial and Commercial Bank of China (ICBC), amid analysts' concerns about loan quality and the economy.

It sold the stock for US$ 1.1 billion on May 20 for HK$ 5.47 to HK$5.5 per share. This represented a 2.5 to 3 percent discount on the closing price that day. The volume of shares accounted for 1.8 percent of ICBC's stock issuance in Hong Kong.

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