Goldman Strategy Should Continue To Pay Off

True to its word Goldman Sachs divested a nearly 20% stake in the Industrial and Commercial Bank of China on June 1- the bank said in April that it would hold at least 80% of its 8.9% stake in ICBC until April 2010. Goldman raised around US$1.9bn by selling 3.03bn Hong Kong-listed shares at between HKD4.8-04.90 each. CFW previously commented that Goldman was wise to take a long-term view with ICBC, as China's banking sector offers growth opportunities for Western banks.

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