Goldmans launches ICBC block for client hedge

01 Aug 2011

Goldman Sachs launched a block trade in Industrial and Commercial Bank of China (ICBC) shares in Hong Kong on Monday evening, marketing a deal that could provide a hedge worth as much as HK$3.78bn ($485.5m) for one of its FIG clients.

The selling shareholder is unnamed in the term sheet, but rivals bankers said it is American Express. The bank is selling 638.1m H-shares for between HK$5.81 and HK$5.93 a share each, representing a discount of 1%-3% to the stock's closing price on Monday.

The offering is expected to generate ...

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