Allianz SE (AZ) and American Express Co. (AXP) sold half the shares they own in Industrial and Commercial Bank of China Ltd. (1398.HK) in a private placement at HK$3.86 each, a person familiar with the situation said Tuesday.

The price represented a discount of 4% to ICBC's closing price of HK$4.02 Monday.

In a joint statement with China's largest bank by assets earlier Tuesday, Allianz said it sold 3.22 billion shares and American Express said it sold 638 million shares, as soon as the shares' lockup period expired Tuesday.

Both companies didn't specify the terms of the sale, but said they sold to "a select group of investors."

Allianz now owns a 0.97% stake in ICBC and American Express holds a 0.2% stake in the bank. The lockup period for these shares will end Oct. 20.

-By Amy Or, Dow Jones Newswires; 852-2832-2335; amy.or@dowjones.com