JPMorgan, HSBC Said Planning to Bid for $4 Billion Saudi IPO
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JPMorgan Chase & Co. and HSBC Holdings Plc are among banks planning to compete for a role in the largest Saudi Arabian share sale in at least 12 years, according to five people with knowledge of the matter.
The banks will vie with local lenders including Banque Saudi Fransi and Gulf International Bank to be appointed as financial adviser on the sale of a 15 percent stake in Jeddah-based National Commercial Bank, the people said, asking not to be named as the information isn’t public. NCB, as the lender is known, sent out a request for proposals to banks to manage the initial public offering earlier this week, the people said.