Citigroup, Credit Suisse, Merrill Lynch and Morgan Stanley will advise UK retailer Debenhams on its potential £3bn (€4.38bn) initial public offering and are now waiting to hear which banks will do what.

The four had been appointed by the chain's private equity backers to review strategic options but an informed market source said that a flotation was considered the "most likely option". The banks are now pitching for final positions.