First Abu Dhabi Bank
First Abu Dhabi Bank Image Credit: Gulf News archive

Dubai: First Abu Dhabi Bank (FAB) confirmed on Sunday it is the only UAE-based bank acting as joint bookrunner in the public listing of Saudi’s Aramco.

The bank joins over two dozen others that are handling the Initial Public Offering (IPO) of what will become the world’s most valuable listed company. Other banks arranging the IPO include Citigroup, HSBC, Morgan Stanley, Goldman Sachs, Bank of America Merrill Lynch, and EFG Hermes, among others.

On Saturday, Saudi Crown Prince Mohammed Bin Salman gave the green light for the IPO, which will be on the Riyadh bourse. Aramco is expected to list 1-2 per cent of its shares, reports suggest, raising as much as $20 billion to $40 billion in the process.