Macquarie and Deutsche Bank surprised the investment banking industry yesterday when they were named among five foreign banks chosen to assist Agricultural Bank of China with its initial public offering.
The duo were viewed as outsiders to secure lucrative book-runner roles in what could be the world's biggest listing yet. Their involvement highlights the rising ability of investment banks from outside the US and Switzerland to compete for key mandates in China.
State-owned Agricultural Bank is planning a dual IPO in Shanghai and Hong Kong that some analysts predict could raise Rmb200bn ($29bn).
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