JPMorgan in talks with Saudi firms looking at overseas listings

JPMorgan is in early talks with Saudi Arabian companies about overseas listings, Reuters reported, citing Daniel Pinto, the chief executive of its investment bank.

“If you want these companies to grow, they must have access to international capital markets,” Pinto told Reuters. “Local companies have expressed interest to us. They are at a preliminary stage.”

JPMorgan was considering raising its headcount by 30 percent in Saudi Arabia over the next two to three years from 70 now, as business opportunities expand, Pinto said.

The bank is also in talks with other Gulf companies to list their assets overseas, he said, adding that listings in New York, London, Hong Kong or Singapore might help increase the liquidity of these companies and make them attractive for international investors.

The US-based multinational banking and financial services holding company is among the banks advising Aramco on an international public offering (IPO), sources said.

Saudi Arabia plans to sell about 5 percent of Aramco next year, a move that Saudi officials say could raise about $100 billion, making it the world’s largest IPO.