ICBC and American Express Reaffirm Strategic Cooperation and Address Plans for ICBC Shares After Lock-up Period
NEW YORK.- Industrial and Commercial Bank of China Ltd (ICBC) and American Express today reaffirmed their strategic cooperative relationship and addressed plans for ICBC shares held by American Express.
Pursuant to the Shareholder Rights Agreement between ICBC and American Express, the lock-up period for the H-shares held by American Express will expire on October 20, 2009. American Express confirmed it would continue to hold its shares in ICBC after the lock-up period.
Through a network partnership agreement, ICBC has been issuing American Express branded consumer and commercial cards in China since 2004. The companies will continue to expand their cooperation in various areas in the future including high end premium products.
American Express continues to hold 638,061,117 H shares in ICBC, representing approximately 0.19% of ICBC’s total outstanding shares as of June 30, 2009. While the company will reevaluate its shareholding from time to time depending on market conditions, it has no current plans to sell its shares.
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