On April 28, Industrial and Commercial Bank of China Limited completed capital settlement successfully with Goldman Sachs, Allianz Group and American Express. It is introduced that the total investment from these three overseas strategic investors was approximately USD 3.8 billion in exchange for 24.185 billion of ICBC newly issued shares, accounting for 8.45% of ICBC shares. By now, it has been the largest single investment in China financial sector from overseas investors.

ICBC has been moving rigorously for its shareholding reform since the approval from State Council in April 2005. In the same year, financial restructuring was completed in June and Industrial and Commercial Bank of China Limited was established on October 28. On January 27, 2006, ICBC signed Strategic Investment and Cooperation Agreement with overseas strategic investors and was subsequently approved by China Banking Regulatory Commission in mid-March 2006. With this successful accomplishment of the capital settlement, ICBC laid down a diversified equity structure at this initial stage and a solid foundation for carrying out deeper strategic cooperation and furnishing the corporate governance structure.

The key to state-owned commercial bank reform was essentially concentrating on improvement of corporate governance and conversion of the growth model. Investment from overseas strategic investors in ICBC can not only strengthen its capital base, improve capital structure, and optimize corporate governance, but also sharpen ICBC core competitiveness and overall strength through assisting ICBC to keep abreast with advanced international banks in terms of management model and operation concept during the smooth implementation of strategic cooperation between both parties.