HPEMEHSBC Private Equity Middle East Ltd.
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In a statement, the group announced that its subsidiary HSBC Financial Services (Middle East) Ltd had entered into an agreement to divest the majority interest in UAE-based HSBC Private Equity Middle East Ltd (HPEME) to Havenvest Partners Limited (HPL), which was formed by members of HPEMEa[euro](tm)s current management team.
The transaction is pending regulatory clearance as well as the approval of the investors in the funds advised by HPEME. It is seen to close in the second quarter of the year.
HPEME manages about USD480m worth of funds.Country: UAESector: Banking/Financial ServicesTarget: HSBC Private Equity Middle East Limited (HPEME)Buyer: Havenvest Partners Limited (HPL)Vendor: HSBC Holdings plc, HSBC Financial Services (Middle East) Limited