HONG KONG Banks handling the initial public offering (IPO) of state-owned Postal Savings Bank of China Co Ltd (PSBC) [IPO-PSBC.HK] will get a $130 million payday from deal, IFR reported on Monday, citing people close to the offering.
The lender, China's largest by number of bank branches, intends to pay a 1.1 percent underwriting commission and an up to 0.5 percent incentive fee for underwriters of the IPO, reported IFR, a Thomson Reuters publication.
At up to HK$63.2 billion ($8.15 billion), the IPO would yield about HK$1.01 billion in fees to the banks, IFR reported.
Bank of America Merrill Lynch, China International Capital Corp, Goldman Sachs, JPMorgan and Morgan Stanley were hired as sponsors of the IPO, PSBC's listing documents showed.
The lender has not announced the full list of underwriters. Such deals tend to involve more banks.
PSBC did not immediately reply to a Reuters request for comment.
(Reporting by Fiona Lau of IFR; Writing by Elzio Barreto)