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US investment banks crowd into Aramco IPO

As Saudi Arabia tries to attract investment after Khashoggi killing, global bankers are guiding the kingdom’s reform plans

Global investment bankers launched the underwriting process for the initial public offering of Saudi oil giant Aramco in Dubai on Thursday, a sign financiers who shunned the kingdom in the immediate aftermath of the murder of journalist Jamal Khashoggi are turning the page.

Government-owned Saudi Arabian Oil Co. has so far chosen nine banks to underwrite its listing: JPMorgan, Morgan Stanley , Goldman Sachs, Bank of America Merrill Lynch, Citigroup, HSBC, Credit Suisse and two domestic investment banks, according to people familiar with the details.

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