NEW YORK - American Express Co will keep its 0.19 percent stake in China's largest bank, ICBC, after the lock-up period on the shares expires on Tuesday, the credit card company said.
American Express, the biggest U.S. credit card issuer by purchase volume, said it would re-evaluate its holding in the world's largest bank by market value from time to time depending on market conditions.
It holds 638,061,117 H shares of ICBC.
In April, American Express sold half of its stake in ICBC in a transaction that generated a gain of $210 million, or $132 million after tax, in a move to tuck away cash in a grim economic climate.
American Express shares rose 1.0 percent to $35.32 in premarket activity. (Reporting by Juan Lagorio; editing by John Wallace)