HONG KONG - An investor of Industrial and Commercial Bank of China, the world's largest bank by market value, is selling 638.06 million ICBC H-shares at HK$5.84 (75 cents) per share, Xinhua learnt Tuesday.

The transaction, which is being arranged by Goldman Sachs International, is worth HK$3.73 billion. A source, speaking on condition of anonymity, said that the shares "are being sold as a hedge to a third party facilitation transaction" and the seller is not Goldman Sachs. The source didn't identify the seller.

Goldman Sachs has an strategic investment in ICBC.

Amid the transaction, the shares of ICBC opened at HK$5.85 on Tuesday morning, down 2.3 percent from the previous closing.