Saudi Arabia Sidelines Wall Street Banks on Aramco IPO
- HSBC, Samba, National Commercial Bank to handle book running
- Deal will rely on local investors after roadshow scrapped
A billboard displaying an advert for Aramco is pictured in Riyadh
Photographer: Fayez Nureldrine/AFP via Getty Images
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Saudi Arabia sidelined global banks advising on Aramco’s initial public offering after the deal was pared back to a mainly domestic affair.
JPMorgan Chase & Co. and Morgan Stanley are among global coordinators that have been marginalized as the oil giant turns to local lenders Samba Financial Group and National Commercial Bank, as well as HSBC Holdings Plc to handle investor orders, according to people with knowledge of the matter.