INVESTMENT BANKING | Staff Reporter, China

Goldman Sachs to sell $1.1b shares in Industrial & Commercial Bank of China

This is Goldman’s third sale of its ICBC stock since 2006.

According to a Bloomberg report, Goldman is selling its stocks after the stock reported its biggest monthly rally in 2 1/2 years.

Bloomberg noted that ICBC jumped 28 percent in the month through yesterday’s close after the Chinese government started buying shares in state-owned lenders that had been pummeled by concern that bad loans may increase.

Goldman Sachs, which last month posted its second quarterly loss in 12 years, has made $2.65 billion on its ICBC stake since the fourth quarter of 2006, said the report. 

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