List of banks to handle Oilbak's IPO narrowed down

Hyundai Oilbank, South Korea's smallest crude oil refiner, has narrowed down a group of banks to handle its up to $2 billion IPO planned for early next year.

Goldman Sachs, Credit Suisse, and Citigroup among the firms selected, sources with direct knowledge of the matter said on Friday.

The list of five foreign banks and 10 local banks will be shortened further for final selection on or around October 21, one of the sources said.

The other foreign banks on the so called short list include, BofA-Merrill and BNP Paribas. Woori Investment & Securities and Daewoo Securities are among the local banks placed on the list.

The world's largest shipbuilder, Hyundai Heavy Industries Co Ltd , which owns a 91.1 percent stake in Hyundai Oilbank is running the public float process.

A Hyundai Heavy spokesman declined to comment. All the banks mentioned either declined to comment or could not immediately be reached.

The full story is available at Reuters.