Standard Chartered is set to take a stake in Agricultural Bank of China and is forming a strategic alliance with the Chinese lender, which wants to raise more than $23bn in what could be the world’s biggest initial public offering.
The agreement is StanChart’s first significant partnership with a big Chinese lender and brings the UK-based bank into line with global rivals such as HSBC that have already established tie-ups on the mainland.
StanChart has not yet decided what size stake it will take in Agricultural Bank‘s listing in Shanghai and Hong Kong, according to one person familiar with the deal. The IPO has been scaled back of late amid concern over weak investor interest.
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