AgBank gets a fees bargain
Agricultural Bank of China is expected to pay a total of $248m (£162m) in fees to the firms handling its $19.3bn initial public offering, the lowest underwriting payout by any of China’s big four banks. Yesterday banking insiders said 1.4 per cent, or $147m, of the $10.5bn in proceeds from the Hong Kong offering would go to underwriters. AgBank publicly announced that it was paying the banks involved with its Shanghai listing a total of $101m in fees, or a 1.15 per cent charge. AgBank shares will start trading in Shanghai today.