DUBAI, April 21 (Reuters) - Saudi Tadawul Group has
short-listed three local and three foreign banks for potential
advisory roles in the financial market company's upcoming
initial public offering (IPO), three sources said.
Citigroup, JPMorgan and Morgan Stanley
were chosen, along with the securities unit of Saudi National
Bank, Saudi Fransi Capital and HSBC Saudi Arabia, the sources
Tadawul, the kingdom's bourse operator, 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.
Tadawul did not immediately respond to a request for comment
when contacted by Reuters on Wednesday. Citigroup, JPMorgan,
Morgan Stanley and HSBC declined to comment. The units of Saudi
National Bank and Saudi Fransi Capital were not immediately
available for comment.
Tadawul said earlier this month it had received proposals
from 10 local and international firms for the advisory roles.
Saudi Arabia's stock exchange has converted itself into a
holding company and will be renamed Saudi Tadawul Group ahead of
the listing this year, Group Chief Executive Khalid al-Hussan
The group will have four subsidiaries - its bourse Saudi
Exchange, securities clearing and depository businesses and
(Reporting by Hadeel Al Sayegh and Saeed Azhar; Editing by