Goldman Sachs is set to overtake HSBC in first place in the ranking of bookrunners of Chinese initial public offerings, after winning a mandate to run the $5bn (€4.06bn) flotation of Bank of China.

UBS is also likely to work on the IPO, reports Bloomberg, which said Goldman bankers led by Mark Machin, co-head of investment banking in Asia outside Japan, this week met with Bank of China chairman Xiao Gang to plan the flotation.