ICBC mandates banks for upcoming IPO

Goldman Sachs excluded but Morgan Stanley given a surprise role.
Industrial Commercial Bank of China yesterday March 9 confirmed that it has hired Credit Suisse, Deutsche Bank and Merrill Lynch to help arrange its upcoming IPO, which is expected to raise about $10 billion.

In a Chinese-language announcement issued via its Hong Kong branch, ICBC also said a China International Capital Corp consortium and its own joint venture investment bank ICEA Securities will join the three international investment banks as joint arrangers.

As rumoured in recent days Goldman Sachs was not mandated for the offering, even though the US investment bank had been considered a front runner due to its experience in taking other large Chinese enterprises public and because it recently led a...
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