September 10, 2019 / 5:03 PM / 5 days ago

Saudi Aramco picks banks including Goldman, JPMorgan for IPO roles: Bloomberg

FILE PHOTO: Logo of Saudi Aramco in Manama, Bahrain, March 7, 2017. REUTERS/Hamad I Mohammed/File Photo

(Reuters) - Saudi Aramco (IPO-ARMO.SE) has picked banks including Goldman Sachs Group Inc (GS.N) and JPMorgan Chase & Co (JPM.N) for top roles on its planned initial public offering (IPO), Bloomberg reported on Tuesday, citing people with knowledge of the matter.

The Saudi Arabian state oil giant told banks of their selection on Tuesday and it plans to add more joint global coordinators to the deal, Bloomberg said bloom.bg/2HZ8YKW.

JPMorgan declined to comment, while Aramco and Goldman Sachs did not immediately respond to requests for comment.

A source told Reuters on Monday that JPMorgan, Morgan Stanley (MS.N) and National Commercial Bank (1180.SE) are expected to have lead roles and Citi (C.N), Goldman Sachs (GS.N), HSBC (HSBA.L) and Samba Financial Bank (1090.SE) will likely be added to the banks managing the IPO.

Reporting by Rama Venkat in Bengaluru; Editing by Alexander Smith

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