Some Aramco IPO banks look more equal than others gfhay
Saudi Aramco has hired nine banks as joint global coordinators to lead its planned initial public offering, two sources familiar with the matter told Reuters on Sept. 11.
Aramco has selected JPMorgan, Morgan Stanley and Saudi Arabia's National Commercial Bank, which were previously working on the share sale before it was paused last year, the sources said. It has also chosen Bank of America Merrill Lynch, Goldman Sachs, Credit Suisse, Citigroup, HSBC and Saudi's Samba Financial.
The kingdom plans to list 1% of the state oil giant - the world's largest oil company - on the Riyadh stock exchange before the end of this year and another 1% in 2020, sources told Reuters this week, as initial steps ahead of a public sale of around 5% of Aramco.
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