An investor walks past a screen displaying stock information at the Saudi Stock Exchange (Tadawul) in Riyadh, Saudi Arabia June 29, 2016. REUTERS/Faisal Al Nasser
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When news broke in January that Saudi Arabia was considering an initial public offering of its state-owned oil company, the first reaction on Wall Street was shock.Among the biggest banks, HSBC Holdings PLC and JPMorgan Chase & Co. appear to have a head start.JPMorgan advised the Saudi Public Investment Fund on its $3.5 billion investment in Uber Technologies Inc. this month.The largest U.S. bank set out at the beginning of the year to increase its Saudi staff of 65 by about 10 percent, said Bader al-Amoudi, CEO of its local investment-banking unit, in a January interview.The big banks are vying not just with each other, but also with smaller firms. Verus Partners Ltd., a London-based advisory boutique co-founded by former Citigroup bankers Mark Aplin and Andrew Elliott, helped Saudi Arabia secure its first loan in 15 years in April, when the government raised $10 billion from banks.
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