Reuters reported that French bank BNP Paribas and Chinese investment bank BOCI International are among the book runners chosen for the USD 2 billion Hong Kong IPO planned by Russia's UC RUSAL.

Sources with direct knowledge of the matter said that BNP Paribas and BOCI would join Credit Suisse and Goldman Sachs as book runners for the offering, recently revived by the indebted Russian aluminium producer.

The sources cautioned that the process was still in its early stages and that the precise role of the banks was still being determined.

UC RUSAL is working to restructure debts totaling over USD 16 billion. The company said that it plans to reach a restructuring agreement by the end of October.

Sources previously said that the Hong Kong listing could rise between USD 1.5 billion and USD 2.5 billion though UC RUSAL would likely need approval from its many creditors and Hong Kong regulatory authorities in order to proceed.

(Sourced from Reuters)