State-owned Saudi Aramco has not asked Switzerland’s UBS and Bank of America Merrill Lynch (BofA) to pitch for senior advisory roles in its planned initial public offering (IPO), Reuters reported on Tuesday, citing unnamed finance sources.

 

The top-tier investment banks have not been invited to attend meetings in Saudi Arabia in the coming weeks, Reuters added.

 

Sources told Reuters the exclusion could be attributed to insufficient business ties between Saudi Aramco and the banks.

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