#SaudiArabia Sidelines Wall Street Banks on Aramco IPO - Bloomberg

Saudi Arabia Sidelines Wall Street Banks on Aramco IPO - Bloomberg:

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.

Bank of America Corp., Citigroup Inc., Credit Suisse Group AG, Goldman Sachs Group Inc. -- also global coordinators -- have been told to submit their orders through the three banks, the people said, asking not to be identified because the matter is private. The international banks won’t have access to the IPO orderbook without Aramco’s permission, they said.