The Wall Street bank Goldman Sachs plans to sell about 3.03 billion Industrial and Commercial Bank of China (ICBC) H shares to cash out for about US$1.92 billion (HK$14.86 billion).

According to a report by Bloomberg, the Wall Street bank is looking for buyers for its shares in ICBC. They will be sold at the price of HK$4.8 to HK$4.9 per share, 6 percent lower than the closing price of HK$ 5.11 at HKEx on June 1.

Over the past two months, the ICBC share has risen sharply by 29 percent.

Coincidentally, ICBC announced yesterday that Christopher Cole, a non-executive director, will leave his post after his term at ICBC expired on May 31. Cole is chairman of investment banking at Goldman Sachs Group.

Interviewed by CBN, a staff member of ICBC made no comment. It has been the consistent response for Chinese-funded banks to keep silent since foreign banking institutions began to reduce stockholdings.

Yang Kaisheng, president of ICBC, noted that the action of these foreign investors has no substantive or long-term impact on China's banking sector other than creating short-term fluctuations in the stock price.

For more details, please read the full Chinese coverage at: http://www.china-cbn.com/s/n/000002/20090602/000000116936.shtml

(China.org.cn June 2, 2009)