Goldman exits China's ICBC

Goldman Sachs launched on Monday the sale of about $1.1 billion worth of Hong Kong-traded shares in Industrial and Commercial Bank of China, offering to sell its entire remaining stake in the world's biggest bank by market value.

The sale by Goldman would be the final chapter in the Wall Street bank's investment into ICBC.

Prior to its 2006 IPO, ICBC was a technically insolvent State institution, reeling from the bad loans that saddled China's financial industry.