China Bank Seeks Manager for Its IPO

A group of investment banks has been asked to submit plans to manage a $10-billion initial public offering of stock by China’s biggest lender in what would be the world’s largest IPO this year, bankers said Friday.

Industrial & Commercial Bank of China sent out letters asking the investment banks to submit proposals before Tuesday, the bankers said.

ICBC will be the third of the four state-owned Chinese lenders selling shares overseas.