The equity capital markets businesses of ABN Amro Rothschild and Morgan Stanley will receive a huge boost if the initial public offering of Crédit Agricole is completed this year.

The two banks are advising Crédit Agricole on the restructuring it must undergo before the IPO and are believed to bookrunners for the transaction, alongside Crédit Agricole Indosuez Lazard, the French bank's joint venture with Lazard. Although it is hard to put a value on such a complicated deal so early in the process, it is expected to raise between €5bn and €7bn ($4.2bn and $5.9bn).