Agricultural Bank of China has appointed Goldman Sachs, Deutsche Bank and others as advisers on its initial public offering in Hong Kong and Shanghai - likely to be the world's largest. Along with Goldman Sachs and Deutsche Bank, the Chinese bank said J. P Morgan, Macquarie, Morgan Stanley and China International Capital Corp (CICC) will underwrite its Hong Kong share offering.
CICC, CITIC Securities, Galaxy Securities and Guotai and Junan Securities will handle the mainland part of the IPO, according to a statement late Wednesday.
The bank, which mainly serves the rural sector, plans to launch the IPO in Shanghai and Hong Kong in the second half of the year to raise about 20 billion dollars, Dow Jones Newswires reported last week. The size of the share sale is on track to be the world's largest IPO, surpassing the Industrial and Commercial Bank of China, which raised 22 billion dollars in a simultaneous listing in Shanghai and Hong Kong in 2006.