Rusal hires BOC Int'l, VTB Capital to handle HK IPO

Russia-based aluminum giant United Company Rusal has hired two more investment banks, namely BOC International Holdings Ltd and Russian VTB Capital, to deal with its initial public offering in Hong Kong, sources reported, citing a person familiar with the situation as saying.

Rusal, which plans to raise between US$2.5 billion and US$3 billion from the IPO, has already hired BNP Paribas SA, Credit Suisse Group and Goldman Sachs Group Inc to handle the deal.

Rusal filed a listing application with the Hong Kong Stock Exchange earlier this week and expects to issue the new shares by the end of this year.

Oleg Deripaska, chief executive and controlling shareholder of Rusal, is expected to arrive in Hong Kong later this week and market the deal to cornerstone investors.

BOC International is a subsidiary of Bank of China<601988><3988>, the third-largest lender in China. VTB Capital is a subsidiary of Russian state-owned bank OAO VTB.

According to an earlier report from China Knowledge, Aluminum Corp of China, the country's largest nonferrous metal producer also known as Chinalco, will not take a stake in Rusal when the Russian firm launches the Hong Kong IPO.

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