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Yet although they remain tiny compared with Chinese giants like ICBC and China Construction Bank, there is often more than a whiff of Beijing about the Indian state lenders.
ECONOMIST: China��s banking system is not a good model for India
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For SinoPac, one clear benefit would be tapping ICBC's network of bank branches to raise its profile in China, analysts said.
WSJ: ICBC's Stake in SinoPac Won't Open Taiwan Spigot
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Yet ICBC has limited influence with Standard Bank, with only a couple of directors on its board.
ECONOMIST: Standard Bank reaps the benefit of bold thinking
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The sizable investment for Goldman in ICBC makes it necessary for the investment bank to report its profit or loss from this investment at the end of every quarter.
FORBES: Goldman Sachs Unloads ICBC Stake, Stock Rolling To $137
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Across the Sea of Japan in China, ICBC is the largest and most profitable commercial bank in the world.
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Monday's sale is Goldman's sixth and final sale of ICBC shares, a person close to the Wall Street bank said.
WSJ: Goldman Sachs Selling ICBC Stake
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Standard Bank has 30 bankers in Beijing now, as well as a main board director in an office close to ICBC's, who help clients of the Chinese bank interested in expanding in Africa.
ECONOMIST: Standard Bank reaps the benefit of bold thinking
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While ICBC has consistently been the most-profitable big state-owned Chinese bank in recent years, the country's entire banking sector is grappling with slowing profit growth and a potential for more bad loans.
WSJ: Goldman Sachs Selling ICBC Stake
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That deal still awaits regulatory approval, ICBC spokesman Wang Zhenning said on Monday, as well as the formalization of the new bank-investment rules.
WSJ: ICBC's Stake in SinoPac Won't Open Taiwan Spigot
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Bank SinoPac spokeswoman Chen Ting-ju declined to disclose details of the deal with ICBC.
WSJ: ICBC's Stake in SinoPac Won't Open Taiwan Spigot