#Saudi Aramco picks HSBC, Japan's SMBC for $10 billion loan: sources - Reuters

Saudi Aramco picks HSBC, Japan's SMBC for $10 billion loan: sources - Reuters:

Saudi Aramco has chosen HSBC and Japan’s Sumitomo Mitsui Banking Corporation (SMBC) to coordinate talks with other banks for a loan of about $10 billion the oil giant plans to raise, sources said.

The jumbo financing would help the company back its acquisition of a 70% stake in Saudi Basic Industries Corp (SABIC) from Saudi Arabia’s Public Investment Fund, a deal worth almost $70 billion, sources told Reuters last week.

Aramco did not comment on the banks choice but said it continues to review its financial options “as part of its normal course of business, while prudently preserving its pristine balance sheet and its resilience.”