Big China bank to go public
The Industrial & Commercial Bank of China, the largest bank in the country, has won approval for an IPO. Reports indicated that ICBC wants to raise up to $14 billion. It will likely follow the recent trend and eschew the U.S. market in favor of Hong Kong and Shanghai. Bank of China raised $11.2 billion in May, and China Construction Bank raised $8 billion last year, the AP notes. It remains unclear who the underwriters will be.
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