Shipping Giant To Sell Stake in ICBC Credit Suisse

Vanessa Doctor

13 October 2009

Shipping conglomerate China Ocean Shipping Co has announced the planned sale of its 20 per cent interest in ICBC Credit Suisse Asset Management Co.

ICBC Credit Suisse is 55 per cent owned by China's largest bank by assets Industrial & Commercial Bank of China and 25 per cent owned by Credit Suisse Group. According to a notice on the Shanghai United Assets and Equity Exchange's web site, the sale is expected to generate CNY258.20 million for Cosco Group.

Bids are welcome until 3 November.