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.
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Completion is expected by the end of June this year.
HSBC shares were down 0.9% at 11:10.
BS
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