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Wednesday, November 9, 2011

Goldman selling up to $1.54bln in China ICBC stake, (NYSE: GS)

Goldman Sachs Group Inc is selling up to $1.54 billion worth of Industrial & Commercial Bank of China Ltd. stock, the Wall Street firm's third sell-down of the world's largest bank by value.Sharp declines in the value of such investments caused Goldman to post its second quarterly loss as a public company less than a month ago. The bank booked a $1.05 billion paper loss on its ICBC stake alone..Foreign banks selling shares in China's banks is a sensitive issue in Beijing, which has not taken the sales lightly since they began in 2009.Bank of America , RBS and UBS are among the foreign banks that have sold large stakes in Chinese banks over the past few years. Such sales have been an attractive way to raise capital or reduce earnings volatility.

The Goldman Sachs Group, Inc. (Goldman Sachs) is a bank holding and a financial holding company. Shares of GS fell by 6.34% or $-6.88/share to $101.70. In the past year, the shares have traded as low as $89.88 and as high as $175.34. On average, 8631530 shares of GS exchange hands on a given day and today's volume is recorded at 5205855.