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Video: JPMorgan to advise Aramco IPO

Published: Updated:

JPMorgan Chase & Co and Michael Klein, the former Citigroup investment banker who runs his own boutique firm, have been selected to advise on state-owned oil giant Aramco's initial public offering (IPO), according to Bloomberg.

Aramco, which is estimated to be the world's most valuable firm, will sell around 5 percent of its shares either next year or the year after, Saudi's Deputy Crown Prince Mohammad Bin Salman annouced earlier this month.