Goldman, Allianz seek big stakes in ICBC
(Agencies)
Updated: 2005-07-12 10:38

Goldman Sachs already has a 33 percent stake in a Chinese securities firm, Gao Hua Securities Co.

ICBC is China's biggest commercial bank by deposits. But it also is the most financially troubled of China's major state-owned banks, which are struggling to shed billions of dollars of unpaid loans to state companies. The government announced in April that it would inject $15 billion into ICBC as part of efforts to turn it into a profitable, free-standing competitor.

ICBC and other Chinese banks also are struggling to modernize their accounting, plugging gaps that have permitted massive thefts through phony loans and other schemes.

Other state-owned banks have announced plans to sell shares to private investors in China and abroad. The official Xinhua News Agency said in April that regulators believe ICBC is "basically ready" to do the same, but no details have been released.

ICBC announced a venture in March with American Express Co. to issue credit cards.

In January, dozens of government officials and others were arrested on charges that they tried to steal 7.4 billion yuan ($900 million) from ICBC through fraudulent loans.

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