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Allianz, American Express cut stakes in ICBC

(Xinhua)
Updated: 2009-04-28 14:24

Allianz Group and American Express, two strategic investors in Industrial and Commercial Bank of China (ICBC), have sold part of their stakes through private sales, ICBC said Tuesday.

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ICBC declined to identify the buyers of the shares.

Allianz sold 3,216,300,507 ICBC H shares and American Express sold 638,061,116 ICBC H shares, representing shares whose lock-up periods ended Tuesday.

ICBC H shares held by Allianz and American Express were due to be freed from lock-ups on April 28 and October 20, and both investors were allowed to sell half of their shares each time.

Allianz and American Express joined Goldman Sachs to become strategic investors of ICBC in 2006.