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Foreign trio buy 10 percent of China's ICBC for 3.78 bln dlrs
Cat : Euro/ Dollar
Date : 2006-01-27 17:16:54                      Reader : 637

The Americans discussed Chinese investment in Congress. They refused due to security reasons, competivity of China, and its history as a communist country.

We believe that China is far better in tolerance and openness than U.S.

Associated France Press (AFP) 27/1/2006
Foreign trio buy 10 percent of China's ICBC for 3.78 bln dlrs
BEIJING (AFP) - Goldman Sachs, American Express and Allianz have paid 3.78 billion dollars for a 10 percent stake in China's biggest lender, the Industrial and Commercial Bank of China (ICBC).
The three foreign companies issued a joint press release with ICBC announcing the signing of "definitive agreements" that "include investments totaling 3.78 billion dollars".
Although the statement did not specifically say how much of ICBC the foreign trio had bought, a spokeswoman for Allianz and an official at another of the companies confirmed they had bought 10 percent.
"I am delighted that ICBC has formed these strategic alliances with three very special partners," ICBC chairman Jiang Jiangqing said in the statement.
"Today's announcement marks a new beginning for ICBC's corporate governance reform and business development."
The statement said the investments would be made through a subscription to newly issued ordinary shares in ICBC, with the deal still subject to approval by the China Banking Regulatory Commission.
It said each of the three companies would cooperate with ICBC across a range of business and management areas.
"Goldman Sachs will assist ICBC to develop further the bank's corporate governance, risk management and internal controls," it said, listing a range of other roles for the US investment firm.
Allianz Group, the German giant insurer, will cooperate with ICBC to provide leading bank assurance products and services to the bank's clients, it said.
"American Express and ICBC will continue to develop their existing strategic cooperation in the bank card business," the statement said.
The deal is one of the biggest foreign investments in China's banking sector after Bank of America and Singapore's Temasek Holdings last year paid nearly four billion dollars for stakes in China Construction Bank.

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