11:53 AM EDT, 03/14/2024 (MT Newswires) -- (Adds JPMorgan Chase, Bank of America ( BAC ) and Morgan Stanley ( MS ) declining to comment).

JPMorgan Chase & Co. ( JPM ) is in line for a lead role in the upcoming secondary offering of Saudi Aramco shares now held by Saudi Arabia's royal family, while Bank of America ( BAC ) and Morgan Stanley ( MS ) are contending for roles in the deal, Bloomberg reported Thursday, citing people with knowledge of the matter.

The kingdom previously lined up Citigroup ( C ) , Goldman Sachs Group (GS) and HSBC ( HSBC ) to work on the offering, which could raise as much as $20 billion, Bloomberg reported. The final lineup of advisers may still change, the sources told Bloomberg, adding that no final decisions have been made on the sale's timing or offering size.

Representatives for JPMorgan Chase ( JPM ), Bank and America and Morgan Stanley ( MS ) declined to comment when contacted by MT Newswires on Thursday. Moelis & Co. ( MC ) , which reportedly has been acting as a financial adviser helping select underwriters for the deal, did not respond to a request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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