Islamic lender Kuwait International Bank has hired banks ahead of planned sale of additional tier 1 sukuk, an arranging bank document disclosed on Monday.

The Islamic lender has selected Citi and Standard Chartered Bank as joint global coordinators, while ADIB, Al Dawli Invest, Bank Of Sharjah, DIB, Emirates NBD Capital, FAB, Kamco Invest, Mashreq and SMBC Nikko are working as joint lead managers & bookrunners, the document showed.

The investor meetings are scheduled to start from April 23 and will be followed by a dollar-denominated additional tier 1 perpetual non-callable for 5.5 year sukuk offering, subject to market conditions, the document said.

(Reporting by Mohammad Edrees;)