Oil giant Saudi Aramco has selected Samba Capital as one of two banks to work as an adviser on its planned share sale in Riyadh, said a report.
At least six investment banks pitched for a role advising the world's largest oil producer on its listing on the Saudi stock exchange in Riyadh, the Tadawul, said banking sources.
Samba Capital, the investment arm of Saudi Arabia's third-largest bank by assets, is one of the more active local investment banks.
Saudi authorities are aiming to list five per cent of Aramco - on the Tadawul and one or more international markets - in an initial public offering that could raise $100 billion.
JPMorgan and Morgan Stanley have been asked to work on Saudi Aramco's global listing, alongside independent boutique bank Michael Klein and New York-based boutique investment bank Moelis & Co, said sources.
HSBC is also a leading contender for a role, it added.