Bank of China has raised $9.7bn (€7.6bn) after pricing its flotation near the top of its range this morning in the world's biggest initial public offering for nineyears. The valuation means Royal Bank of Scotland, which paid $1.6bn for a 5% stake last August, has almost trebled its money.

The deal, arranged by Bank of China, Goldman Sachs and UBS, eclipsed last year's China Construction Bank flotation as the country's largest ever. The deal values Bank of China at roughly $92.6bn.