China's ICBC may hire BNP Paribas, UBS, BOC for $7-10b stock offering

Industrial & Commercial Bank of China (ICBC; 601398.SH, 1398.HK) selected four banks to handle its Hong Kong share offering in a deal aimed at raising US$7-10 billion, Reuters reported, citing sources close to the deal. ICBC – the world’s largest lender by market value – plans to hire four firms including BNP Paribas, BOC International and UBS AG (UBS.NYSE, UBSN.SIX), as well as its own investment banking unit. The bank may also cancel its planned US$3.66 billion bond offering in China, and will replace it with a stock placement on the Shanghai exchange. Chinese banks are raising funds after lending a record US$1.4 trillion last year under the government’s loose monetary policy. Agricultural Bank of China announced last week that it plans to raise as much as US$30 billion with a dual listing in Hong Kong and Shanghai.