Allianz SE (AZ) and American Express Co. (AXP) said Tuesday they have sold half of their stakes in Industrial and Commercial Bank of China Ltd. (1398.HK) in a private placement as soon as the lockup period expired.

In a joint statement with China's largest bank by assets, Allianz said it sold 3.22 billion shares and American Express said it sold 638 million shares.

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