Fees for the $5bn (€4bn) flotation of the state-owned China Construction Bank will now be split three ways after Credit Suisse First Boston muscled in as a joint global co-ordinator and bookrunner. Credit Suisse, CSFB's parent has committed to invest $500m in the float if necessary.

Morgan Stanley has been working on the float for a year with China International Capital Corporation, a joint venture it set up more than ten years ago with China Construction Bank.