ICBC in Veste courte talks with strategic investors on share disposal issue

ICBC in Veste courte talks with strategic investors on share disposal issue
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ICBC in talks with strategic investors on share disposal issuePublished: 06 Mar 2009 00:00:00 PST

Mar. 6, 2009 (China Knowledge) - Jiang Jianqing, chairman of the Industrial and Commercial Bank of China (ICBC)<601398><1398>, believes that not all strategic shareholders will sell their stakes in the bank, the Standard reported.

Strategic investors, including Goldman Sachs, Allianz Insurance and American Express, hold a combined 7.3% of ICBC, the world's largest bank by market capital. They may dispose of their holdings as early as Apr. 28. The second date when they can offload their shares in the Chinese bank is Oct. 20.

ICBC, the last mainland bank to have strategic investors' shares become tradable, has touched base with its foreign shareholders on the issue.

There will be no impact on the bank's business if they sell their stakes, said Jiang on the sidelines of the National People's Congress (NPC) in Beijing yesterday.

ICBC plans to increase its lending, especially to small and medium-sized enterprises (SMEs), and estimates new loans to rise by 13%.

H-shares of ICBC edged up 0.31% to close at HK$3.19 on Thursday.
 

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