HSBC is selling its Middle East private equity arm, HPEME, to the current management for 3.4m dollars.
HPEME was established in Dubai in 2002 and has funds under management of approximately $480m, with investments in 18 businesses.
HSBC, which would retain a 19.9% holding in the firm, still needs regulatory approval for the deal and the consent of investors in the funds advised by HPEME.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Completion is expected by the end of June this year.
HSBC shares were down 0.9% at 11:10.
BS
-
What happens if you can’t pay your tax bill, and what is "Time to Pay"?Millions are due to file their tax return this Friday as the self-assessment deadline closes. Though the nightmare is not over until you pay the taxman what you owe - or face a penalty. But what happens if you can't afford to pay HMRC your tax bill, and what is "Time to Pay"?
-
What does Rachel Reeves’s plan for growth mean for UK investors?Rachel Reeves says she is going “further and faster” to kickstart the UK economy, but investors are unlikely to be persuaded
