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PICC adds 14 more banks to $6bn listing

Some 14 more banks have been added to the group of financiers overseeing a prospective dual listing in Shanghai and Hong Kong worth as much as $6 billion.

That is according to sources with knowledge of the matter, who have told news source IFR today (28 May) that the People's Insurance Company of China (PICC) has enlisted several lenders to assist in this process.

Global banks such as HSBC and Credit Suisse were already on board with this plan after being awarded mandates of sponsors of the deal.

And the state-owned PICC has now announced that the likes of UBS, Goldman Sachs and Morgan Stanley will also be involved in the management of the Hong Kong part of this listing - a deal worth around $3 billion.

Then insiders went on to say that regulatory approval for this section of the agreement is set to be sought from the PICC next month.

By Asim Shah