Agricultural Bank of China Ltd. announced Thursday it has picked nine underwriters for an initial public stock offering in China and Hong Kong that could become the world's largest, according to Associated Press.
Agricultural Bank is the last of the country's top four state-owned commercial lenders to sell shares to the public. The government injected $19 billion into the bank in November 2008 to strengthen its balance sheet.
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In a statement, the bank said it selected Goldman Sachs Group Inc. (NYSE: GS), JP Morgan Chase & Co. (NYSE: JPM), Macquarie Group Ltd., China International Capital Corp., Morgan Stanley (NYSE: MS) and Deutsche Bank AG (NYSE: DB) for its IPO in Hong Kong. CICC and three other Chinese brokerages were chosen to advise its share sales in China.
Agricultural Bank has not said how much it hopes to raise, a date or other details of the IPO.
China's Securities Times newspaper reported the bank is expected to raise 200 billion yuan ($29 billion).
Industrial & Commercial Bank of China Ltd., China Construction Bank Ltd. and Bank of China Ltd., China's other three major state-owned banks, earlier had IPOs on the Hong Kong and Shanghai stock exchanges following similar restructurings.
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