We propose a max-min multi-cell aware regularized zero-forcing (Max-Min MCA-RZF) precoding and power allocation scheme for downlink multi-cell massive multiple-input multiple-output (MIMO) systems. A general correlated channel model is considered, and the adopted channel state information (CSI) acquisition model includes the effects of estimation errors and pilot contamination. We use results from random matrix theory to derive deterministic equivalents for the proposed Max-Min power allocation in the large system limit which solely depend on statistical CSI, but not on individual channel realizations. Our numerical results show that the proposed Max-Min MCA-RZF precoder achieves a substantially higher network-wide minimum rate than the MCA-RZF and the conventional RZF precoders with uniform power allocation, respectively, as well as the conventional RZF precoder with Max-Min power allocation.