Saudi Aramco picks HSBC, Japan's SMBC for $10 billion loan - sources

By Davide Barbuscia and Clara Denina

DUBAI/LONDON, April 22 (Reuters) - Saudi Aramco has chosen HSBC and Japan's Sumitomo Mitsui Banking Corporation (SMBC) to coordinate talks with other banks for a loan of about $10 billion the oil giant plans to raise, sources said.

The jumbo financing would help the company back its acquisition of a 70% stake in Saudi Basic Industries Corp (SABIC) from Saudi Arabia's Public Investment Fund, a deal worth almost $70 billion, sources told Reuters last week.

Aramco did not comment on the banks choice but said it continues to review its financial options "as part of its normal course of business, while prudently preserving its pristine balance sheet and its resilience."

HSBC declined to comment and SMBC could not be immediately reached for comment.

(Additional reporting by Takashi Umekawa in TOKYO, editing by Louise Heavens)