by Patrick Lunsford, CollectionIndustry.com
Industrial & Commercial Bank of China (ICBC), the country?s largest bank, raised $19 billion in a record-breaking IPO Friday. The $19 billion was the most ever raised in an IPO, surpassing the $18.4 billion raised by Japanese mobile phone company NTT DoCoMo Inc. in 1998.
ICBC is a state-owned bank. It will be listed on both the Hong Kong and Shanghai exchanges.
Though mainland Chinese banks have a history of bad debts and lending scandals, ICBC has restructured and gotten rid of billions of dollars of bad debt.
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