According to two people close to the matter, Temasek paid $2.3bn for the stock, based on the per-share price and stake size while the deal represented 40% of Goldman Sachs’ 8.78 billion shares of ICBC, as reported by Bloomberg.
The Singaporean firm already holds significant stakes in China Construction Bank and Bank of China, whereby its Chinese assets accounted for 20% of its portfolio as of March 2011.
The recent acquisition of the minority stake in ICBC, is a part of Temasek’s strategy to gradually strengthen its presence in Asian market, particularly China, said the firm.
Last month, ICBC reported that its net profit increased by 17% in the October to December quarter, from previous year.
Goldman Sachs sustained $517m pretax loss in 2011 compared to a $747m gain during the same period a year ago, due to its stake in ICBC, said the US bank is a statement.
Last month, China had indicated that it will open its banking sector for foreign direct investment in order to boost the market competition.
