DUBAI: Saudi Aramco has hired nine banks as joint global coordinators to lead its planned initial public offering , slated to be the world's largest, two sources familiar with the matter told Reuters on Wednesday.
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, declining to be identified due to commercial sensitivities. JPMorgan, Bank of America, Credit Suisse and HSBC declined to comment. Aramco and the remaining banks did not immediately respond to a request for comment.The IPO plan has rapidly gained momentum in recent days with the appointment of the head of the kingdom's PIF sovereign wealth fund, Yasser al-Rumayyan, as Aramco's new chairman.
Bankers have been courting Saudi Arabia to secure roles in the transaction, which has faced repeated delays, but which officials have said will happen by 2020-2021.
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