HVB, the German bank, has set a lower price range than initially expected for the initial public offering of Bank Austria Creditanstalt, but it could still be the largest IPO in Europe for a year.

The offer could raise €957m ($1.1bn) if it prices in the middle of its indicative range. The deal will be the largest European IPO since William Hill, the UK bookmaker, raised £1.1bn (€1.6bn) last June, according to Dealogic, the investment banking research firm. Citigroup (then Schroder Salomon Smith Barney) was sole global co-ordinator, adviser and joint bookrunner with Deutsche Bank.