StanChart to buy into AgBank IPO
Standard Chartered will buy a chunk of Agricultural Bank of China's upcoming shares in what could be the world's largest initial public offering.
The British bank has agreed to become a so-called cornerstone investor for the initial public offering, buying as much as $500 million of the rural lender's shares, Dow Jones Newswires said, citing an unnamed source.
A Standard Chartered spokeswoman did not immediately return phone calls.
Earlier yesterday, Standard Chartered said it had signed an agreement with AgBank to collaborate on various retail and wholesale banking products.
AgBank -- the last of China's big four lenders to list -- plans to float in Hong Kong and Shanghai next month. Recent estimates on the size of the offering have ranged from about $19 billion to about $28 billion.