Reuters - HSBC in big win

Oil Drums

HSBC has been formally mandated as an adviser on the initial public offering of Saudi Arabia's national oil giant Aramco IPO-ARMO.SE, expected to be the world's largest ever IPO, HSBC's chief executive said on Monday.

Reuters reports that Europe's biggest bank joins peers including JPMorgan Chase and Morgan Stanley on the deal, which is expected to raise some $100 billion and is the centrepiece of the Saudi government's ambitious strategy to diversify away from oil.

HSBC's CEO Stuart Gulliver announced the bank's appointment on the deal at a shareholders' meeting in Hong Kong, confirming a Reuters report in February that the bank was close to being mandated on the hottest investment banking ticket in the world.

Hit the link below to access the complete Reuters article:

HSBC wins mandate on $100 billion Saudi Aramco IPO - CEO

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