Saudi Aramco hires Citi to lead $2bln UK-backed loan- sources | ZAWYA MENA Edition:
"Saudi Aramco has appointed U.S. investment bank Citi to lead a $2 billion financing backed by Britain, sources familiar with the deal said.
The loan mandate will not be particularly lucrative, the sources said, but is seen by some banks as a way of getting closer to securing work on Aramco's planned initial public share offer, which may value the company at $2 trillion - a sum some prospective investors have said appears unrealistically high.
"Banks look at these kinds of operations for relationship purposes," said a source at a European export credit agency in the Middle East. "This kind of loan is a bit of a test that Aramco makes on the market and given the name, there's high competition among banks," he added. "
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