Twenty-six banks involved in a single equity raising sounds like a foolhardy strategy in most parts of the world. But not in Asia. Here it makes sense to cram on to the ticket of Postal Savings Bank of China
’s $8bn initial public offering with more than two dozen rivals.
A crowded market is not the only thing banks have to contend with in the populous and diverse continent. Growth is slowing, costs and risks are higher and bankers face difficult negotiations with clients that refuse to pay the going international rate.
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