HSBC Spins Off $480M Middle East Private Equity Branch

Law360, New York (March 23, 2012, 4:53 PM EDT) -- A Middle East subsidiary of HSBC Holdings PLC said Friday that it plans to sell a majority stake of its Dubai-based private equity branch, which manages $480 million in assets, to current executives of the firm.

The management team of HSBC Private Equity Middle East Ltd. created Havenvest Partners Ltd. to acquire the 80.1 percent stake in a deal that will leave the parent company holding on to the remaining minority shares, HSBC said.

Pending regulatory and investor approval, the sale is expected to close by...
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