The Goldman Sachs Group, Inc. announced on March 25 that it has committed to a new lock-up agreement in relation to its investment in Industrial and Commercial Bank of China (ICBC). Under the agreement, Goldman Sachs may not sell 80 percent of its ICBC shares any time prior to April 28, 2010. This decision was announced by its Vice Chairman Michael Evans.

Evans said at ICBC's annual performance conference on March 25 that Goldman's decision is based on its confidence in ICBC and the Chinese economy. He reassured investors that Goldman was in good financial standing. "We are in no rush to sell any ICBC shares and we have no need to raise cash for Goldman Sachs," Evans said.

Evans also said the bank hadn't decided to sell the remaining 20 percent nor had it contacted any potential buyers. Any decision would be driven by its desire to maximize its investment while limiting disruption to the market.

Goldman Sachs' investment in ICBC represents approximately 4.93 percent of ICBC shares. Under the existing lock-up, the ICBC shares held by Goldman Sachs would have become free in equal installments on April 28, 2009 and October 20, 2009.

On the same day, American Express and Allianz issued joint statements with ICBC reiterating their strategic partnership, but making clear they may sell their shares when lock-up agreements expire.

American Express and Allianz also said they may sell the shares to investors by means of private placement to minimize the impact on the secondary market. The two companies respectively hold 1.93 percent and 0.38 percent of ICBC shares, and will become free to sell them on April 28, and October 20 this year, under the existing terms.

For more information, please read the article in Chinese:

http://news.xinhuanet.com/fortune/2009-03/26/content_11073347.htm

(China.org.cn translated by Maverick Chen, March 26, 2009)