Saudi Aramco snubs UBS and Bank of America for listing roles: sources | ZAWYA MENA Edition

Saudi Aramco snubs UBS and Bank of America for listing roles: sources | ZAWYA MENA Edition:

"Saudi Aramco has not invited UBS and Bank of America Merrill Lynch to pitch for senior advisory roles in its stock market listing because they have not lent money to the state oil giant in recent years, according to five finance sources. The two investment banks, among the world's biggest, have not been asked to attend meetings in Saudi Arabia in the coming weeks where its rivals will pitch for global coordinator mandates for the IPO, said the people familiar with the matter.

They have been frozen out by Aramco, the sources added, despite having operations in the Middle East and wanting to take part in the initial public offering, which could be the biggest in history.

Saudi Aramco, Bank of America Merrill Lynch and Swiss lender UBS all declined to comment."



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