Goldman Sachs Group Inc. Chief Executive Officer Lloyd C. Blankfein met with Industrial & Commercial Bank of China Ltd. Chairman Jiang Jianqing during a recent visit to the country to discuss future cooperation, Shanghai Securities News reported today.
Blankfein reiterated that Goldman Sachs remains committed to China and the firm has not changed its business strategy for the country, even after ending a seven-year investment in ICBC in May, the newspaper said, citing an interview with the CEO.
Goldman Sachs, Citigroup Inc. and Bank of America Corp. have cut Chinese holdings as tighter Basel III capital rules make holding minority stakes in banks more expensive. Goldman Sachs reaped about $12 billion in sales proceeds and dividends from its $2.58 billion investment in ICBC, according Macquarie Capital Securities Ltd.
The New York-based bank sold its ICBC stake in a “mild and consistent manner” and sales were timed to avoid hurting the Chinese lender’s reputation, the newspaper reported, citing Blankfein.
— With assistance by Aipeng Soo