Allianz, American Express mulls stake sales in ICBC

Apr. 28, 2009 (China Knowledge) - Allianz SE and American Express Co are considering selling their holdings in Industrial and Commercial Bank of China (ICBC)<601398><1398>, the world's largest lender by market value, sources reported, citing a person familiar with the matter.

Allianz and American Express hold 0.38% and 1.93% in the Chinese lender, respectively.  Half of the 2.3% stake in total will become tradable on Apr. 28, and the other half on Oct. 20.

In late March, the Chinese lender's two foreign strategic investors promised that they would cooperate with ICBC and seek all possible means to maximize value and reduce market impact to the lowest if they sell down their stakes, giving priority to private placement.

Goldman Sachs Group, the largest foreign shareholder of ICBC, has agreed not to sell 80% of its stake in the Chinese lender until Apr. 28, 2010, China Knowledge reported earlier, citing a senior official with the U.S. investment bank.