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Aramco provides the best IPO roles to nine of the world's largest banks



Saudi Aramco has given the leading role in its IPO to nine of the world's largest banks that will lead what will be the largest IPO ever, Reuters reported on Wednesday, citing two sources with knowledge of the matter.

The winners of the world's largest stock sale that will serve as joint global coordinators are JP Morgan, Morgan Stanley, Bank of America Merrill Lynch, Goldman Sachs, Credit Suisse, Citi, HSBC, and Saudi Arabia's National Commercial Bank and Samba, the sources told to Reuters.

JP Morgan, Morgan Stanley and the National Commercial Bank had worked on the IPO before the Saudis put it on hold last year, according to sources.

Earlier this week, reports emerged that JP Morgan had emerged as the front runner for the leading advisory role in the listing of Aramco.

The Saudi oil giant is poised to list on international markets along with its primary listing on the Saudi stock exchange, Aramco's chief executive Amin Nasser said on Tuesday, as the kingdom has noticeably accelerated the timeline for the IPO.

The chief executive of the Saudi state oil company reiterated that it is up to the sole shareholder of the company ̵

1; the Kingdom of Saudi Arabia – to decide when the listing will take place.

Last week, Saudi Arabia began tracking Aramco's stock exchange listing, with Khalid al-Falih losing both his role as chairman of Aramco and as the Kingdom's energy minister. Abdulaziz bin Salman, the king's son and half-brother of Crown Prince Mohammed bin Salman, is the new Minister of Energy and represents a further gathering of power around the Crown Prince.

Saudi Arabia's new Minister of Energy, Abdulaziz bin Salman, further said Monday in his first public comments following the takeover by al-Falih that the Kingdom aims for the IPO to occur "as soon as possible."

Aramco CEO Nasser said on Tuesday that a domestic listing would take place "very soon."

By Tsvetana Paraskova for Oilprice.com

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