Temasek buys $2.9 billion of China bank's shares from Goldman

Temasek Holdings has agreed to buy US$2.3 billion (S$2.9 billion) worth of shares in China's Industrial and Commercial Bank of China, giving it a 5.3 per cent stake in the world's largest bank by market value.

Goldman Sachs sold the US$2.5 billion block of shares, continuing with its plan to reduce its stake in the bank. After the sale, Goldman will have roughly $3 billion of ICBC shares remaining.

Goldman sold the Hong Kong traded shares of ICBC at HK$5.05 each, or a 3.1 per cent discount to Friday's closing price. The other, roughly US$200 million worth of shares were sold to other institutional investors, according to a source.

Temasek's purchase of the stake gives the US$160 billion state investor exposure to three of China's Big Four banks.

ORIGINAL SOURCE
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