Financial details of the transaction remain undisclosed. However, according to the Financial Times, DIC has stated that the ‘significant’ stake was funded by its $2 billion global strategic equities fund (GSEF). The fund seeks to become a leading shareholder in pre-eminent global large capitalization stocks, while aiming to create value through long-term exposure to a concentrated portfolio of undervalued companies.
Sameer Al Ansari, executive chairman and CEO of Dubai International Capital LLC, said: GSEF’s investment in HSBC is another step in confirming DIC as a global investment company. This is the first of many planned investments that will eventually see GSEF investing about $10 billion in global companies. We are very excited about our pipeline of investment opportunities that are available in the global equities markets.
DIC’s decision to invest in the bank follows the recent acquisition by Maan Abdulwahed al-Sanea, a Saudi billionaire, who purchased a 3.11% stake in HSBC for GBP3 billion, reported the Financial Times.
HSBC serves more than 125 million customers through a network of 10,000 offices in 82 countries and territories around the world.
