German Allianz mulls partial sale of ICBC stake: Report | world | Hindustan Times
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German Allianz mulls partial sale of ICBC stake: Report

The German insurance company Allianz is set to sell half of its nearly two-percent stake in the Chinese bank ICBC, the Financial Times Deutschland said on Monday.

world Updated: Apr 27, 2009 14:47 IST

The German insurance company Allianz is set to sell half of its nearly two-percent stake in the Chinese bank ICBC, the Financial Times Deutschland said on Monday.

In January 2006, the insurer teamed up with the US financial institutions Goldman Sachs and American Express to buy stakes in ICBC, the biggest bank in the world in terms of market capitalisation.

Goldman Sachs said in late March it could sell part of its holding in the Chinese bank but agreed to keep 80 percent of its 4.93 percent stake until 2010.

American Express, which owns 0.4 percent of the Chinese bank, might also sell half of that, the report said, citing financial sources.

That would raise a total of 2.1 billion dollars (1.6 billion euros) for Allianz and American Express, based on ICBC's closing share price on Friday.

Allianz was not immediately reachable for comment on the report.

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