China's Social Security Fund will invest more than 18 billion
yuan (US$2.25 billion) in the Industrial and Commercial Bank of
China, the country's biggest lender, according to an agreement the
two signed Monday.
Jiang Jianqing, chairman of the bank said the deal, pending
approval from the China Banking Regulatory Commission, is "another
important result achieved by the ICBC in inviting foreign strategic
investors."
A foreign trio of Goldman Sachs, American Express and Allianz
Group has already paid a combined US$3.78 billion for a 8.89
percent stake in the ICBC, the biggest-ever amount of foreign
investment in China's banking industry.
The Shanghai Securities Journal reported last week the
ICBC is expected to list its shares in Hong Kong as early as
September.
(Xinhua News Agency June 19, 2006)
