Last checked at 
(Adds that Aramco and Citi declined to comment)
By Hadeel Al Sayegh and Davide Barbuscia
DUBAI, Sept 11 (Reuters) - Saudi Aramco has hired nine banks
as joint global coordinators to lead its planned initial public
offering (IPO), slated to be the world's largest, two sources
familiar with the matter told Reuters on Wednesday.
The mandates have been heavily sought by the world's biggest
investment banks for a transaction which, according to Saudi
Crown Prince Mohammed bin Salman's initial plans, could generate
around $100 billion for Saudi Arabia's state coffers.
The kingdom plans to list 1% of the state oil giant - the
world's largest oil company - on the Riyadh stock exchange
before the end of this year and another 1% in 2020, sources told
Reuters this week, as initial steps ahead of a public sale of
around 5% of Aramco.
Aramco has selected JPMorgan Chase & Co, Morgan
Stanley and Saudi Arabia's National Commercial Bank
, which were previously working on the share sale
before it was paused last year, the sources said, declining to
be identified due to commercial sensitivities.
It has also chosen Bank of America Merrill Lynch,
Goldman Sachs Group Inc, Credit Suisse Group AG,
Citigroup Inc, HSBC Holdings PLC and Saudi
Arabia's Samba Financial Group, they added.
To secure the lead role on the IPO, JPMorgan's efforts were
led by senior bankers in New York, London and Saudi Arabia who
had long-standing relationships in Saudi Arabia, rather than
Chief Executive Jamie Dimon, according to a person familiar with
the matter.
Aramco, JPMorgan, Bank of America, Citi, Credit Suisse,
Goldman Sachs and HSBC declined to comment. The remaining banks
did not immediately respond to requests for comment.
The IPO plan has rapidly gained momentum in recent days with
the appointment of the head of the kingdom's PIF sovereign
wealth fund, Yasser al-Rumayyan, as Aramco's new chairman.
Rumayyan, a close ally of Prince Mohammed, took over from
former energy minister Khalid al-Falih in a move to separate
Aramco from the ministry, a step Saudi officials have said was
important to pave the way for the IPO.
Bankers have been courting Saudi Arabia to secure roles in
the transaction, which has faced repeated delays, but which
officials have said will happen by 2020-2021.
Aramco's chief executive, Amin Nasser, said this week that
the domestic IPO would be the "primary" listing but that the
company was also ready for an international share sale. He said
the final decision on venue and timing rested with the
government.
The flotation is crucial for Prince Mohammed's plans to
diversify the Saudi economy in an era of low oil prices.
Based on the indicated $2 trillion valuation that Saudi
Aramco had hoped to achieve, a 1% float would be worth $20
billion, a huge milestone for the local stock market.
Analysts and bankers, however, have said $1.5 trillion is a
more achievable valuation for Aramco.
Aramco raised $12 billion this year in its first
international bond, gaining more than $100 billion in demand, in
a deal that many saw as a pre-IPO relationship-building exercise
with international investors.
(Reporting by Hadeel Al Sayegh and Davide Barbuscia
Additional reporting by Joshua Franklin in New York
Editing by Ghaida Ghantous and Marguerita Choy)
