Turmoil forces Goldman to reduce size of ICBC offload
Goldman Sachs sold part of its stake in Industrial Commercial Bank of China this week, raising HK$8.55 ($1.1bn) and bringing its stake in the bank down to around 10%. But the US firm was forced to cut the size of the deal after HSBC announced a big drop in profits and investors became increasingly fearful about Italy.
Goldman, the sole arranger of the deal, was planning to raise as much as HK$12bn ($1.54bn) from the sale but reduced the number of shares on offer by 27% despite getting $1.8bn worth of orders.
Rival bankers were shocked that the block went ahead at all, considering how shaky
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