Aramco hires nine banks for IPO top roles - Reuters

|About: JPMorgan Chase & Co. (JPM)|By:, SA News Editor

Saudi Aramco has hired nine banks as joint global coordinators to lead its planned IPO, Reuters reports.

Aramco has selected JPMorgan Chase (NYSE:JPM), Morgan Stanley (NYSE:MS) and Saudi-owned National Commercial Bank, which were previously working on the share sale before it was paused last year.

It also chose Bank of America Merrill Lynch (NYSE:BAC), Goldman Sachs (NYSE:GS), Credit Suisse (NYSE:CS), Citi (NYSE:C), HSBC and Saudi Arabia's Samba.

WSJ reported earlier that Saudi Arabia plans to list 1% of the state oil giant on the Riyadh stock exchange before year-end 2019 and another 1% next year as initial steps ahead of a public sale of ~5%.

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