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Saudi Aramco snubs UBS, Bank of America for stock market listing roles

The three excluded banks could still be awarded more junior advisory or bookrunner roles in the stock market listing of the Saudi national champion

Reuters  |  London 

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 West Asia ...

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First Published: Wed, January 17 2018. 01:44 IST
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