HSBC today said it has officially been named as an adviser on the initial public offering (IPO) of Saudi Aramco, which is expected to be one of the world's largest flotations.
Stuart Gulliver, HSBC chief executive, made the announcement at a shareholders' meeting in Hong Kong, according to Reuters, confirming earlier reports.
HSBC, Europe's biggest bank, will join JP Morgan Chase and Morgan Stanley on the deal, which is expected to raise around $100bn.
Sources also told Reuters the Saudi state-owned firm appointed company veteran Motassim al-Maashouq to oversee the float.
Maashouq, who will take on the role of vice president of IPO development, most recently worked as vice president of corporate planning. He is said to be well connected with the finance community, according to industry insiders.
Saudi Aramco did not comment on the speculations.
Earlier this month, the London Stock Exchange Group chief executive Xavier Rolet joined Prime Minister Theresa May on a visit to Saudi Arabia as London competes with the likes of New York and Tokyo to win a role in the eagerly-awaited IPO of the Saudi state-owned company.