Temasek Holdings Decreases Stake in ICBC Amid Market Challenges

Tuesday, 4 June 2024, 15:09

Temasek Holdings, Singapore’s sovereign wealth fund, made significant moves by reducing its stake in the Industrial and Commercial Bank of China (ICBC) amidst challenges in China's property market. The decision came after observing the impact of the property market slump on state lenders' profits, prompting Temasek to trim its share in ICBC to less than 5 per cent.

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Temasek Holdings Cuts Stake in ICBC

Temasek Holdings, Singapore's sovereign wealth fund, took a strategic step by trimming its stake in the Industrial and Commercial Bank of China (ICBC) last week. This move signals a response to the challenges faced by state lenders due to the downturn in China's property market.

Reducing Share to Below 5%

As part of its strategic adjustment, Temasek reduced its share in ICBC to less than 5 per cent in just one day.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.