Here are the top reads on deals and financial services over the last 24 hours,
FINANCIAL SERVICES NEWS
RBC’s role in Aramco IPO suggests Canadian companies can still do business with Saudi Arabia: Royal Bank of Canada’s inclusion in Saudi Aramco’s massive initial public offering signals that a Canadian company can find ways to do business with Saudi Arabia despite the breakdown in diplomatic relations between the two countries. Story (Jeffrey Jones and Tim Kiladze)
Saudi Aramco’s share sale is finally in motion, but its long-term potential remains an open question: If Brexit is the long goodbye, Saudi Aramco’s stock market listing is the long hello. Mohammed bin Salman, crown prince of Saudi Arabia, used an interview in January, 2016, to announce the state’s plans to sell a piece of Saudi Aramco, the world’s most prolific oil producer, to private investors. The news electrified energy investors, stock exchange bosses and investment banks. MBS, as he is known, touted a market valuation of US$2-trillion – the equivalent of almost seven Exxons – and oily types everywhere were tempted to take a piece of the action. The fossil fuels era wasn’t over yet. Then nothing. Opinion (Eric Reguly)
CIBC eyes sale of Caribbean banking unit to Colombian billionaire: Canadian Imperial Bank of Commerce is in negotiations to sell its Caribbean business to a Colombian billionaire, hoping to close the books on a difficult sale process that has taken two years. Story (Tim Kiladze and James Bradshaw)
Vancouver cryptocurrency platform Einstein Exchange put into receivership: Einstein Exchange, a Vancouver-based cryptocurrency trading platform that owes its customers more than $16-million, has been put into receivership by the Supreme Court of British Columbia. Story (Alexandra Posadzki)
DEALS NEWS: MERGERS, ACQUISITIONS, IPOs and FINANCINGS
CPPIB bets on renewable energy with purchase of Pattern Energy: The Canada Pension Plan Investment Board is acquiring Canada’s biggest producer of wind power for US$2.63-billion in a major bet on the continued growth of low-carbon electricity. Story (David Milstead)
The Streetwise newsletter is Monday to Friday. If you’re reading this on the web, or if someone forwarded this e-mail to you, you can sign up for Streetwise and all Globe newsletters on our signup page.