Goldman sells final stake in China's ICBC

Goldman Sachs is selling the rest of its Industrial and Commercial Bank of China (ICBC) stake, worth around US$1.1 billion, in a move to exit an investment it made into the bank seven years ago. Goldman is selling the shares of China's largest commercial banking group in the range of HK$5.47 to HK$5.50 each ($0.70 to $0.71), a discount of 2.5 percent to 3.0 percent compared to Monday's closing price of HK$5.64. The firm sold $1 billion worth of ICBC shares in January and could raise more than $9.7 billion from selling all of its shares in the bank. Goldman made the investment into ICBC for 4.9 percent stake in 2006 before the bank's IPO in Hong Kong, and has since pared back on its investment. -- DowJones Newswires contributed to this story --