Citic to name IPO participants

Citigroup, Lehman Brothers and HSBC have been tipped to participate in a US$1 billion initial public offering by China Citic Bank, the seventh-largest commercial lender on the mainland. A host of other competitors, which included a who's who of the world's top international banks and financial houses, dropped off one by one or were dropped after perceived conflicts of interest. The South China Morning Post reported Citic is expected to make the announcement this week, although last minute changes are still possible. The company's Beijing-based Citic Securities and China International Capital Corporation, Morgan Stantley's mainland joint venture, will also participate in the IPO.