Goldman Sachs sells $500m ICBC block for FIG client hedge

Goldman Sachs sold a block trade of Industrial and Commercial Bank of China (ICBC) shares in Hong Kong on Monday evening, raising HK$3.72bn ($477m) as part of a hedge for one of its FIG clients.

  • 04 Aug 2011

The bank placed 638.1m ‘H’ shares at HK$5.84 a share, representing a discount of 2.5% to the stock’s closing price on Monday. Goldman Sachs is named as the selling shareholder in the term sheet, but specified that this was "as a hedge for a third party client".

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