July 20, 2017 / 7:33 AM / in 3 months

Adnoc hires banks for fuel retailer IPO -sources

ABU DHABI/DUBAI, July 20 (Reuters) - Abu Dhabi National Oil Company (Adnoc) has picked one local bank and three foreign lenders as bookrunners for the planned initial public offering of its retail unit that could raise $1.5 billion to $2 billion, sources said on Thursday.

First Abu Dhabi Bank, HSBC, Bank of America Merrill Lynch and Citigroup have been mandated, sources familiar with the matter told Reuters.

The sources declined to be named as the matter is not public.

An Adnoc spokesman declined to comment. The banks were not available for immediate comment.

The state-owned company announced this month that it was looking to float some of its service businesses and enter tie-ups with global investors as part of its 2030 strategy.

Reporting by Stanley Carvalho and Hadeel Al Sayegh

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