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Goldman Sachs, American Express and Allianz Group have paid a combined US$8 billion for a stake in China's biggest bank in a new, aggressive effort to help overhaul China's weak financial sector.

Industrial and Commercial Bank of China, Ltd (ICBC) signed an agreement with the trio of investors in Beijing, completing the biggest-ever amount of foreign investment in China's banking industry, but still pending regulatory approval.

China is reforming its Big Four state banks, which also include China Construction Bank, Bank of China and Agricultural Bank of China, ahead of the full opening of its financial industry to foreign competitors by late 2006.

Chinese banks are expected to streamline their operation and become "commercial banks in the real sense", as required by the government, by establishing shareholding systems, inviting strategic foreign investors and then going public.

The foreign trio's investment will be made through the subscription to newly issued ordinary shares in ICBC. The investors are allowed to have a director on the bank's board.

According to their agreement, Goldman Sachs will assist ICBC to upgrade corporate governance, risk management and internal control. Allianz Group will cooperate with ICBC in insurance products and services, and American Express and ICBC will continue to develop their existing strategic ties in card business.

Addressing the ceremony, ICBC Chairman Jiang Jianqing said, "I am delighted that ICBC has formed these strategic alliances with three very special partners. Today's announcement marks the beginning of a new round of ICBC's corporate governance reform and business development."

His words were echoed by Henry M. Paulson, Chairman and Chief Executive Officer of Goldman Sachs. "Today's agreement strengthens our long-standing commitment to ICBC and to China and its financial sector reform. This represents the beginning of what we hope will be long and successful relationship between ICBC and Goldman Sachs," he said.

Michael Diekmann, chairman of Allianz Group, also said China is a strategic market for Allianz, and this partnership emphasizes the group's long-term commitment to the market.

"Through this agreement, Allianz will become one of ICBC's most important insurance and investment product providers," he said.

ICBC became a joint-stock company in October, assuming all business and relevant assets and debts of the former solely state-owned bank.

The Ministry of Finance and Central Huijin Investment Co. Ltd., a central government investment arm, each hold a 50 percent stake in the new ICBC.

ICBC now boasts 18,000 business outlets in China's mainland, serving more than 4 million enterprises and more than 100 million individual clients.

Its capital adequacy ratio, the measure of its available capital in proportion to its outstanding loans, rose to 10.26 percent by the end of 2005, already above the 8 percent requirement by the international standard.

The bank's non-performing loan ratio came to 4.43 percent, compared with the 1-2 percent level reported by sophisticated foreign rivals.

Construction Bank was listed on the Hong Kong stock exchange in October, while Bank of China said it would go public this year.

(Xinhua News Agency January 28, 2006)