Goldman Sachs Raises $1 Billion Selling Stake in ICBC

Goldman Sachs Group Inc. raised $1 billion from selling a stake in Industrial & Commercial Bank of China Ltd. after the world’s largest lender by market value rose almost 50 percent from last year’s low.

The company sold 1.35 billion shares at HK$5.77 each, 3 percent lower than the Chinese lender’s HK$5.95 closing price in Hong Kong yesterday, the New York-based bank said. Goldman Sachs has no immediate plans to sell more stock, Edward Naylor, a Hong Kong-based spokesman, said.