May 19, 2017 / 10:58 AM / 2 months ago

Temasek trims stake in ICBC, says remains confident in Chinese banks

2 Min Read

Industrial and Commercial Bank of China Ltd (ICBC)'s leaflets are displayed at its branch in Beijing, China, March 30, 2016.Kim Kyung-Hoon/File Photo

SINGAPORE (Reuters) - Singapore state investor Temasek Holdings pared its stake in Industrial and Commercial Bank of China (1398.HK) (ICBC) to 8.43 percent from 9.12 percent, as part of a rebalancing of its portfolio in China's largest bank.

In a statement on Friday, Temasek said it remained confident in Chinese banks.

"As a long term investor, it is usual for Temasek to rebalance its portfolio from time to time," the investor said.

"We remain confident in China and its banking sector, and continue to hold significant positions in Chinese banks."

A filing made by Temasek to the Hong Kong bourse showed that Temasek had sold 600 million H-shares of the bank at an off-exchange average price of HK$5.023 ($0.65). Temasek, one of the world's biggest state investors, has a large exposure to financials and owns stakes in Chinese banks and Standard Chartered PLC (STAN.L). Earlier this week, Singapore sovereign wealth fund GIC Private Limited, which invested in UBS Group AG (UBSG.S) to support it during the 2008/09 global financial crisis, cut its stake in the Swiss bank at a loss, partly because of changes in the lender's strategy and business. However, it said it would retain its profitable stake in Citigroup Inc (C.N).

Reporting by Anshuman Daga and Lee Chyen Yee; Editing by Randy Fabi

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