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JPMorgan Chase Will Lead Saudi Aramco IPO

11Sep By AdityaNo Comments

Market

JPMorgan Chase Will Lead Saudi Aramco IPO

JPMorgan Chase has been picked as the investment bank to lead Saudi Aramco's initial public offering, which could be the biggest ever, people close to the matter said to Pixr8 News. The US banking giant was notified by the Saudi company of the selection on Tuesday, the sources said, adding that Aramco envisions an offering on a local exchange followed by one on an international exchange that has not yet been picked. Exchanges in New York and Hong Kong are heavily lobbying the Saudi group for the listing, the sources said, adding that Tokyo is not in the running. Aramco has also been chosen Goldman Sachs to work on the offering and other banks are expected to be added at a later date, sources said. Aramco Chief Executive Amin Nasser said earlier Tuesday on the sidelines of an en...

JP Morgan Appoints a New CEO in China

American Investment Bank, JP Morgan Chase has appointed Mark Leung as the new chief executive officer for its China's business. As per banks statement, it is also seeking to create a securities company in China and plans to take a majority stake in its local fund management. Mark Leung who has been serving the bank for past 21 years will manage onshore and offshore activities in the country. The veteran began his career in rates derivatives trading and has previously held roles in credit hybrids and equity derivatives. The new appointment will happen after Zili Shao stepped down to become the bank’s vice chairman in April 2014. CEO Jamie Dimon said, Our investment in China is a commitment to bring the full force of JPMorgan Chase and our resources to the country. We wil...

Walmart Raises $5B Revolving Credit to Fund Flipkart Acquisition Deal

A number of monetary corporations including JPMorgan Chase and Barclays are offering $5 billion financing to Walmart that will help the American giant fund its $16 billion acquisition of Indian e-commerce unicorn Flipkart. The credit line involved would be one of the largest revolving credit facilities in the recent times as it is priced between 300-400 basis points over London Interbank Offered Rate. The facility amount will be secured against the balance sheet of Flipkart and its shares will have a tenure of 18 months. The proposed revolving facility is an arrangement that allows buying company to facilitate the immediate acquisition financing requirements while the loans are secured against the balance sheet of the target company of its share price. "Walmart has very strong ban...