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Aramco Set to Finalize Bank Selections as Soon as This Week

  • Global investment banks finishing week of pitches in Dhahran
  • Oil giant may sell shares in local market as soon as year end
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Saudi Aramco Picks BofA to Join Goldman, JPMorgan for Top IPO Roles
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Saudi Aramco aims to select underwriters for its initial public offering as soon as this week, as the state energy giant accelerates preparations for the world’s biggest share sale, people with knowledge of the matter said.

Global investment banks are finishing up a week of pitches that started last Tuesday in Dhahran, the eastern Saudi city where Aramco is based, according to the people. Some firms seeking a role on the deal made presentations in Dubai or London, the people said. Aramco plans to tell banks later this week or early next week whether they got a role on the offering, the people said, asking not to be identified because the information is private.