Bahraini investment group Investcorp has agreed to acquire a significant but less than majority stake in a Swiss private bank.

The name of the private bank and the financial terms of the deal were not disclosed.

The deal is anticipated to be completed before the end of calendar year 2017, subject to regulatory nod.

The group has made over 170 corporate investments in the US, Europe and the Middle East and North Africa, and over 450 commercial and residential real estate investments in the US since its launch.

In October 2016, the firm announced the acquisition of British private equity firm 3i Group’s debt management business. The deal was closed in March 2017.

Investcorp offers corporate investment, real estate, alternative investment solutions and credit management. The firm has offices in Bahrain, New York, London, Abu Dhabi, Riyadh, Doha, and Singapore, with a workforce of around 390. The group reported $21.3bn in assets under management at the end of June 2017.

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