BNP Paribas, Morgan Stanley and UBS have not made the line-up of eight investment banks invited to pitch for a role on the $10bn (€8.4bn) flotation of the Industrial and Commercial Bank of China.

Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JP Morgan, Merrill Lynch and China International Capital Corp - the joint venture between Morgan Stanley and China Construction Bank - have been chosen to pitch, according to sources knowledgeable of the situation. The offer is expected later this year.