JP Morgan drops out of Harbin Bank IPO

China money resized 230px
By Clare Hammond
12 Mar 2014

JP Morgan pulled out of Harbin Bank’s $1bn Hong Kong IPO three days before pre-marketing was due to begin, and well into the cornerstone process.

The US investment bank dropped the deal on Monday, according to someone with knowledge of the matter, after the Chinese bank did not pass JP Morgan’s internal due diligence. Harbin has struggled to find international houses to work on the deal, as many were uncomfortable with the lender’s ...

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