Why RBC left Alibaba deal

ROYAL Bank of Canada pulled out of and forfeited fees in the Alibaba initial public offering (IPO), after an employee commented on the deal during the quiet period before the world’s largest IPO, it said yesterday.

“An employee unrelated to the Alibaba IPO process inadvertently made a comment about the transaction on an industry webinar during the period leading up to the offering,” the bank said. “We voluntarily chose to withdraw.”

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