UK Prime Minister Theresa May
pitched London as a listing destination for Saudi Aramco’s initial public
offering during her trip to Saudi Arabia, a UK government official said, as
she seeks to promote Britain as a financial centre after Brexit.
May met Energy Minister Khalid Al-Falih, who also heads
state-owned Saudi Arabian Oil Co, said the official, who asked not to be named
as the meeting was private. London Stock Exchange Group Plc Chief Executive
Officer Xavier Rolet was also present.
Aramco is considering listing venues in the US, UK and
Asia, in addition to Riyadh, and is planning to choose local banks to advise on
the Saudi listing, people familiar with those plans said in February. The sale
could value Aramco at more than $2 trillion, Deputy Crown Prince Mohammed bin
Salman has said.
An Aramco listing would be a boost to London, helping
politicians make the case that the UK is open for business and remains a
financial hub even as it leaves the European Union -- and its single market. In
her discussions in the Middle East, May spoke of the UK’s depth of expertise
in financial services and the supporting ecosystem of accounting and legal
services, the official said. The prime minister also pitched Britain’s
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