ICBC and Allianz Reaffirm Strategic Cooperation and Announce Arrangement of Shares after Lock-up Period
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BEIJING, October 19th, 2009—Industrial and Commercial Bank of China Ltd. (ICBC) and the Allianz Group (Allianz) today reaffirmed their strategic cooperative relationship and disclosed the arrangement of shares after the lock-up period.
Pursuant to the Shareholder Rights Agreement between ICBC and Allianz, the lock-up period for the remaining H-shares held by Allianz will expire on October 20th 2009. Allianz has no immediate intention to dispose of its shares after the lock-up expiration day. And in case of a potential disposal in the future, Allianz will deal with the shares in an appropriate way through close cooperation with ICBC, and explore all potential methods of sale that would maximize value and minimize market impact, with a preference for a private sale to investors.
In the past three years, ICBC and Allianz cooperated with each other positively in various areas including bankassurance products development, marketing, customer service, and staff training.
The total shareholding in ICBC by Allianz, up to 3,216,300,508 represents approximately 0.96% of ICBC's total outstanding shares as of end June, 2009.
