Sumitomo Mitsui targets Aramco IPO role

Saudi Arabia

TOKYO, September 1, 2016 – Japan’s Sumitomo Mitsui Financial Group is working to get involved in the initial public offering (IPO) of Saudi Aramco shares, the group’s chairman said on Thursday.

Speaking in Tokyo after the singing of a memorandum of understanding with Aramco, Masayuki Oku said Sumitomo Mitsui was looking “to assist” the company as it prepares for what is expected to be the world’s biggest IPO ever.

In June, Saudi Minister of Energy, Industry and Mineral Resources Khalid Al Falih already hinted at possible Japanese involvement. “We have a great relationship with energy companies in Japan and also financial institutions […] I am sure the IPO of Saudi Aramco will receive great participation from the financial industry in Japan,” the minister said.

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