Riyadh – Mubasher: Saudi Tadawul Group has narrowed its choices of six local and foreign banks to act as advisors for the financial market company’s upcoming initial public offering (IPO), Reuters reported.

The securities unit of Saudi National Bank, Saudi Fransi Capital, and HSBC Saudi Arabia are the local financial institutions, while the foreign banks are Citigroup, JPMorgan, and Morgan Stanley.

Tadawul is expected to choose one local bank and up to two international banks for its listing. A final round of pitching for roles is reportedly occurring this week.

The Saudi exchange said earlier this month it received proposals from 10 local and international institutions for the advisory roles.

Tadawul announced on 7 April its transformation into a holding group structure, ahead of the IPO this year.