Temasek, the investment arm of the Singapore government, has increased its bet on China’s banking industry by buying a slice of the Industrial and Commercial Bank of China from Goldman Sachs at a time when sentiment about the sector is increasingly bearish.
The move by Temasek to increase its holding of ICBC to 1.3 per cent from virtually nothing will reduce a source of volatility from Goldman’s financial statements.
In the third quarter of last year, a mark to market paper loss of $1bn on the firm’s stake in the big Chinese bank was enough to plunge Goldman’s Asian operations into the red. Following the deal, Goldman holds a 1.24 per cent stake in the bank.
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