Goldman Sachs has committed to keep at least 80% of its 4.93% stake in Industrial and Commercial Bank of China ICBC until the end of April next year, according to a joint statement by the two firms last night. This agreement comes after widespread speculation that the US investment bank may be about to sell half its stake next month and use the funds to pay back the money received under the US government's Trouble Asset Relief Program Tarp.
In fact, ICBC's Hong Kong-listed shares have underperformed both the benchmark index and the other state-owned Chinese banks that trade in Hong Kong this year, partly because a potential sale by Goldman has acted...
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