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BEIJING, Jan. 27 (UPI) -- A group of western bankers got Beijing's approval to pay $3.78 billion for a 10-percent stake in the Industrial & Commercial Bank of China.
New York's Goldman Sachs Group Inc. and American Express Co. plus Munich-based Allianz AG announced their acquisition Friday in China, the Wall Street Journal reported.
ICBC has more than 100 million customers, 4 million corporate customers and 18,000 branches across the country.
Goldman Sachs and its private-equity funds will invest $2.58 billion for a 7-percent stake, Allianz will pay $1 billion for 2.5-percent share and American Express will invest another $200 million for the balance.
ICBC is China's largest bank by assets.
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