HSBC Holdings Plc (HSBA.L) has been formally mandated as an adviser on the initial public offering (IPO) of Saudi Arabia’s national oil giant Aramco.
The first time public stock offering of the former privately held company is expected to be one of the world’s largest ever IPOs, HSBC’s chief executive claimed.
Europe’s biggest bank joins peers including JPMorgan Chase & Co (JPM.N) and Morgan Stanley (MS.N) on the deal.
It is expected to raise some $100 billion and is part of the Saudi government’s strategy to diversify away from oil.
HSBC’s Chief Executive Stuart Gulliver announced the bank’s appointment on the deal at a shareholders’ meeting in Hong Kong.
The announcement confirms earlier reports that the bank was close to being mandated on the hottest investment banking ticket in the world.
Gulliver also said HSBC is confident it can maintain dividend payouts in the foreseeable future and expects to exceed risk-weighted asset and cost-saving targets.
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