JPMorgan, HSBC seen likely to win Aramco IPO

London

SAUDI Arabia's potential initial public offering (IPO) of its state oil company could be the largest ever, a juicy target for any ambitious Wall Street bank. In a country traditionally cold to outsiders, only a few have the experience to win it.

JPMorgan Chase & Co and HSBC Holdings plc are among international lenders in the best position to win a role if the kingdom goes ahead with an IPO of Saudi Arabian Oil Co, or Aramco, people familiar with the matter said. The two banks - whose presence in the kingdom goes back decades - helped arrange a US$10 billion loan for the company last year.