Saudi Tadawul Group picks 3 local, 3 foreign banks for potential advisory roles: report
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Logo of Saudi Tadawul Group
Saudi Tadawul Group short listed three local and three foreign banks for potential advisory roles in the financial market company's upcoming initial public offering (IPO), Reuters reported, citing unnamed sources with knowledge of the matter.
Citigroup, JPMorgan and Morgan Stanley were chosen, along with the securities unit of Saudi National Bank (SNB), Banque Saudi Fransi and HSBC Saudi Arabia.
Tadawul is expected to chose one local bank and potentially one or two international banks for its listing, they said. A final round of pitching for roles is taking place this week, they added.
On April 7, Tadawul announced its transformation into a holding group under the name of “Saudi Tadawul Group” ahead of the planned IPO this year, Argaam reported.