www射-国产免费一级-欧美福利-亚洲成人福利-成人一区在线观看-亚州成人

ICBC to sell stake to Goldman Sachs, Allianz
(AFP)
Updated: 2005-08-29 20:38

China's biggest lender, the Industrial and Commercial Bank of China (ICBC), may sign a memorandum of understanding to sell a multi-billion dollar stake to a consortium comprising of Goldman Sachs and Allianz, a press report says.

Citing unnamed sources, the South China Morning Post said the proposed deal is expected to be valued at two billion US dollars or more, although the size of the stake was unclear.

However, it noted ICBC chairman Jiang Jianqing has said that the bank hopes to sign a non-binding MOU on the sale of a combined 10 percent stake to potential foreign investors by the end of this month.

The paper said that US investment bank Goldman Sachs would hold the ICBC stake through Goldman Sachs Capital Partners V, a private equity fund. German insurance giant Allianz may seek a strategic co-operation in product areas with the Chinese lender.

Goldman and Allianz declined to comment on the proposed deal, which comes as ICBC tries to restructure its finances ahead of a planned public listing.

ICBC is also understood to have held talks with Credit Suisse, American Express and Fortis, it said.

ICBC could expect to fetch 3.7 billion dollars from the sale of a 10 percent stake, based on a valuation of 1.15 to 1.2 times book value achieved in similar deals recently.

But the non-binding nature of a MOU means that a final deal, if struck, could differ substantially from the one now being considered.

An investment in ICBC would bolster Goldman Sachs' chances at winning a mandate to underwrite the Chinese lender's subsequent multi-billion dollar international share offering, according to the report.

But it could potentially damage its chance to do the same for Bank of China, which is also planning a listing.

Close

Explosion near Sanlitun Tornado occurs off the waters of Zhejiang Taiwan experts in Sichuan for panda selection

Today's Top News     Top China News
Economists: Zhu Rongji's pro-active policy once more         N.Korea says not ready for nuclear talks         Central bank: Yuan change not one-off move         Hearing scheduled for tax threshold         Sexual harassment against women outlawed         Delegates discuss panda practicalities	Sexual harassment against women outlawed       Yuan adjustment not one-off move - banker       China ratifies WHO anti-tobacco treaty       Economists: Zhu Rongji's pro-active policy once more       More flats for low-income families urged       Sino-US textile talks to resume