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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 largest 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 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, 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, Credit Suisse, Citi, HSBC and Saudi Arabia's Samba, they added.
JPMorgan and Bank of America declined to comment. Aramco and the remaining banks did not immediately respond to a request 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.
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. (Reporting by Hadeel Al Sayegh and Davide Barbuscia; Editing by Ghaida Ghantous and Dale Hudson)