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September 01, 2005

Pairing Off

As all of the major Chinese banks continue to choose partners and move towards the dance floor, ICBC has signed an MOU to sell a 10% stake in the bank to a consortium consisting of Goldman Sachs Private Equity, American Express, and Allianz. The FT hails the insertion of an "escape clause" in the deal which would let the consortium get out if ICBC's numbers are not as reported.....suspicious bastards!

ICBC also claims to have "completed its disposal" of bad assets after its most recent sale. We'd take the other side of that bet...

Posted by The Banker at September 1, 2005 06:02 PM