The list of institutions widely reported at the end of June as comprising the cornerstone investors for the long-awaited IPO of Agricultural Bank of China says much about the new realities of post-crisis banking. While in the past China bank listings were propped up by substantial investments from western firms, such banks as UBS and RBS have long since sold their stakes in order to raise recovery capital.
Now the list of cornerstones for the ABC deal is full of top investors from the Middle East and Asia.
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