The Japanese government has selected Nomura Securities and JP Morgan among the 11 underwriters for a planned initial public offering of state-owned Japan Post, the finance ministry said on Wednesday.
Mitsubishi UFJ Morgan Stanley, Daiwa, SMBC Nikko, Mizuho, Goldman Sachs, Citigroup Global Markets Japan, UBS, Tokai Tokyo and Okasan were also chosen to underwrite the offering, which is scheduled for next year and is expected to raise nearly $10 billion for the government.
Merrill Lynch and Barclays, which had been shortlisted for the IPO, were not included among those selected.
Japan Post is the country's largest savings institution, with about 176 trillion yen ($1.60 trillion) in customer deposits, as well as a provider of postal and insurance services.
The IPO will be the first leg of the government's plan to sell up to two-thirds of Japan Post's shares. Bankers have said the government eventually hopes to raise 2 trillion to 4 trillion yen from the sale. Part of the proceeds will fund reconstruction of areas devastated by the 2011 earthquake and tsunami.