Saudi in talks to add new banks to Aramco’s secondary share sale: Report

Logo of Saudi Aramco

Saudi Arabia is in talks to include top Wall Street banks for the proposed secondary share sale in oil giant Aramco, Bloomberg reported, citing informed sources.

The kingdom plans to hire JPMorgan Chase & Co. as one of the main underwriters to the offering, with Bank of America and Morgan Stanley contending for lead roles on the deal, which could raise as much as $20 billion, the report said. 

The final list of advisers may change and more banks are expected to be added before the deal launches. No final decisions have been made on the sale's timing or the offering's size. 

Crown Prince Mohammed bin Salman announced transferring 8% of Saudi Aramco’s issued shares to wholly owned portfolios by the Public Investment Fund (PIF), according to data available with Argaam.

The Saudi government’s ownership of Aramco stands at 82.186%.