Allianz not to sell stake in ICBC after lock-up period

Oct. 20, 2009 (China Knowledge) - Allianz SE, the world's largest insurance company by market value, said that it will continue to hold its shareholding in the Industrial and Commercial Bank of China<601398><1398>, the world's largest bank by market value, after a lock-up period ends today.

ICBC said in a statement yesterday that it has reaffirmed the strategic cooperation relationship with Allianz and American Express, another shareholder of ICBC. Alliance and ICBC affirmed their commitment to a cooperation in which they have been developing products, marketing, customer service and staff training over the past three years.

Allianz, which originally had 6.43 billion H shares of ICBC, sold 3.22 billion H shares of the Chinese lender on Apr. 28, 2009. American Express, which sold 638.06 million H shares of ICBC on the same day, has 638 million H shares of ICBC, which become tradable today. American Express said earlier that it would maintain its 0.19% stake in ICBC as well.

As of end-June, Allianz owned 3.22 billion H shares, or 0.96% stake of ICBC. The shares would be worth HK$19.93 billion based on the closing share price of HK$6.19 yesterday.