18 January 2020

Goldman pulls out from Harbin Bank’s US$1 bln IPO, paper says

Goldman Sachs Group Inc. has pulled out as underwriter for Harbin Bank Co. Ltd. in its planned US$1 billion initial public offering in Hong Kong, the 21st Century Business Herald reported Wednesday, citing a source familiar with the matter. Goldman made the decision following disagreements with the bank’s majority shareholder, Tomorrow Holdings, which reportedly drew concern after borrowing aggressively by pledging its stakes in several city commercial banks, the source was quoted as saying. Other underwriters for the bank’s IPO are China International Capital Corp. and BOC International, the report said, adding that the bank is now selecting cornerstone investors for its offering.

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