May 20, 2013 / 9:46 AM / 4 years ago

Goldman Sachs to exit ICBC with $1.1 bln stake selldown-IFR

HONG KONG, May 20 (Reuters) - Goldman Sachs launched on Monday a sale of about $1.1 billion worth of Hong Kong-traded shares in Industrial and Commercial Bank of China, offering to sell its entire remaining stake in the world’s biggest bank.

Goldman offered the shares in ICBC in a range of HK$5.47 to HK$5.50, equivalent to a discount of up to 3 percent to Monday’s close of HK$5.64, IFR reported, citing a term sheet of the deal.

The Monday sale will mark the end of an era for the U.S. bank, which has held a stake in ICBC since 2006, said a source with direct knowledge of the selldown.

The sale would be Goldman’s third in about one year, after the New York-based investment bank raised $2.5 billion from a partial selldown of ICBC in April of 2012, most of which was bought by Singapore state investor Temasek, and another in January of 2013 worth $1 billion.

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