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ICBC to Sign Investment Deal With Goldman
SHANGHAI, China - China's biggest bank, state-owned Industrial and Commercial Bank of China, confirmed it would sign a long anticipated "investment deal" on Friday with Goldman Sachs Inc. and other investors.
A spokesman in the Beijing-based bank's news department confirmed reports that the deal was to be signed Friday. However the official, who gave only his surname, Xie, said he could not give any details.
The bank, known as ICBC, had earlier announced that investors including Goldman Sachs Group Inc., American Express Co. and Allianz AG of Germany planned to buy a combined 10 percent stake for more than $3 billion.
The Wall Street Journal reported Friday that ICBC had agreed to sell the stake as planned, for $3.78 billion, with Goldman Sachs investing $2.58 billion for about 7 percent of the bank. Allianz would pay $1 billion for a 2.5 percent stake and American Express would invest $200 million, the report said, citing unnamed sources. |
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