Allianz:No Immediate Plans To Sell ICBC Shares After Lock-Up End

Allianz SE (AZ) and Industrial and Commercial Bank of China Ltd. Monday reaffirmed their strategic cooperation and said Allianz doesn't immediately plan to sell the remaining ICBC shares it still holds after the lock-up period ends Tuesday.

As announced, the lock-up period for the remaining H-shares in ICBC held by Allianz will expire Oct. 20.

Allianz still holds about 0.96% of ICBC's total outstanding shares as of end June, corresponding to up to 3,216,300,508 shares in ICBC, the two companies said. In April, Allianz sold about 3.22 billion ICBC shares, reducing the stake to below 1% and posting a capital gain of around EUR700 million.

In case of a potential future disposal, Allianz said it "will deal with the shares in an appropriate way through close cooperation with ICBC, and explore all potential methods of sale that would maximize value and minimize market impact, with a preference for a private sale to investors."

In the past three years, ICBC and Allianz had a good cooperation in various areas, including bankassurance products development, marketing, customer service, and staff training, the two companies said.

Company Web sites: www.allianz.com; www.icbc.com.cn

-By Ulrike Dauer and Ruediger Schoss, Dow Jones Newswires; [phone]; [e-mail]