UPDATE 1- Allianz, American Express unload ICBC H-shares

HONG KONG, April 28 - Industrial and Commercial Bank of China, the world's biggest bank by market value, said Allianz and American Express had sold shares in the Chinese lender as the shares are freed from lock up on Tuesday.

Allianz sold 3.22 billion ICBC H-shares and American Express sold 638.06 million shares to a select group of investors through private sales, ICBC said in statements.

Allianz holds 3.87 percent of ICBC's H-shares after its share sale and American Express continues to hold 638.06 million, for which the lock up period will expire on Oct 20, the bank added.

It gave no financial details.

ICBC on Monday posted a 6.1 percent year-on-year increase in first-quarter profit to 35.15 billion yuan ($5.15 billion) due to higher fees and commission income.

Shares of the Chinese lender fell 5.9 percent on Monday on expectations of a possible sell-down when a large portion of shares of a foreign strategic holding are freed from the lock-up period on Tuesday. Many investors expect Goldman Sachs, Allianz and American Express to cash out.