Citigroup, HSBC and Lehman Brothers are among five investment banks in line to share $38m (€30m) in fees from the initial public offering of China Citic Bank, the country's seventh largest bank, which is targeting a November flotation.

The three international banks join China International Capital and Citic Securities as joint bookrunners on the flotation, which could raise as much as $1.5bn, according a source knowledgeable of the deal.