Hang Seng Bank will sell a 5% stake in China's Industrial Bank for Rmb12.73 billion ($2.03 billion) to improve its regulatory capital position.
Goldman Sachs' Sino-foreign securities joint venture, Goldman Sachs Gao Hua Securities, is handling the share sale, according to a filing on the Hong Kong Exchange website.
Hang Seng, which is Industrial Bank’s second-largest shareholder, will sell up to 952.6 million shares at Rmb13.36 per unit, representing a 7% discount to the February 9 closing price on the Shanghai Stock Exchange.
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