Banks may share tiny roles in Aramco IPO: report

Banks involved in the arrangement of Saudi Aramco's initial public offering may share "tiny proportions" of the fees payable for managing the flotation process, Reuters reported on Wednesday.

One-fifth of the money payable to investment banks, estimated to be around $200 million, will be proportionally shared between them, sources told Reuters.

Global banks are competing aggressively to win part of the deal, which will entail further business opportunities in the future. JP Morgan, Morgan Stanley, and HSBC have been appointed global coordinators so far. More banks are expected to join in.