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...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.