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Bank of China picks Goldman and UBS for listing gig

Bank of China picks Goldman and UBS for listing gig

(31 August 2005 – China) Goldman Sachs and UBS will co-manage Bank of China’s US$4 billion share market listing, having knocked rivals Deutsche Bank and Merrill Lynch out of the running. Goldman Sachs had previously worked with BOC when it listed its Hong Kong unit. UBS also worked on the deal alongside BOC International.

BOC is expected to list mid-2006 with some $120 million being generated through underwriting fees.

Earlier this month, Royal Bank of Scotland bought a 10 percent stake in BOC for $1.6 billion and UBS is also tipped to take a smaller stake in the Chinese bank.

BOC said it selected Goldman Sachs and UBS as they had a good reputation and long established connections with the bank.

Merrill Lynch and Deutsche could still be given secondary roles in a larger syndicate team.

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