HONG KONG: State-owned People's Insurance Company of China Group (PICC), one of China's largest insurers, added 14 banks to a group of institutions managing a planned Shanghai and Hong Kong dual listing worth up to $6 billion, IFR reported on Monday, citing three sources with knowledge of the plans.

Goldman Sachs, Morgan Stanley, UBS and 11 other banks were mandated to help underwrite the Hong Kong tranche of the IPO, valued at up to $3 billion, said IFR, a Thomson Reuters publication. China International Capital Corp. (CICC), Credit Suisse and HSBC had already won mandates as sponsors of the deal.  

PICC, the parent of China's largest property insurer PICC Property & Casualty Co, plans to seek approval from the Hong Kong exchange for the deal on June 21, though the date could change, IFR added.