The Industrial and Commercial Bank of China (ICBC), the largest one in the country, has chosen Merril Lynch and four other investment banks as the underwriters for its US$10 billion initial public offering (IPO) expected later this year, the Beijing Daily said on Friday.

 

Two other foreign investment banks, Credit Suisse and the German Bank will be the co-underwriters for the IPO that is expected to bring a profit of US$300 million, the report said.

 

Two domestic investment banks, the China International Capital Corporation and Icea Finance Holding Co, a joint venture between ICBC and the Bank of East Asia Ltd., will also share the cake.

 

Competition to underwrite the IPO attracted all major banks in the international investment banking sector, such as Morgan Stanley, Goldman Sachs and others, the report said.

 

(Xinhua News Agency March 10, 2006)