JPMorgan Chase & Co. and HSBC Holdings Plc are among international lenders in the best position to win a role if Saudi Arabia goes ahead with an IPO of Saudi Arabian Oil Company (Aramco), people familiar with the matter said. Deutsche Bank AG may also be a favorite to be hired for a role, the people said.

Aramco will also likely appoint some of its key local lenders from the kingdom for the IPO, the people said. No mandates have been awarded yet and Aramco hasn't sent out requests seeking advisory roles, they said. Aramco is likely to choose banks that have helped arrange its loans and other local deals in the past, putting firms with less experience in the country - such as Goldman Sachs Group Inc. and Morgan Stanley - at a potential disadvantage, the people said.