COLUMNISTS Six months is an eternity in capital markets. It was only in late April this year that Allianz and American Express were in such desperate need of capital that, as soon as lock-in periods expired, they each divested half of their stakes in Industrial and Commercial Bank of China to raise a combined $2bn.
The investments were made in 2006 before ICBC’s world record $21.9bn initial public offering and amid promises that it was the start of a beautiful long relationship. The lucrative share sales followed those of Royal Bank of Scotland and UBS, who each bolted from Bank of China, while Bank of America amassed $10bn this year by selling chunks of its shareholding in China Construction Bank.
