Dubai-based Samena Capital has acquired up to 31.2% stake in Kleinwort Benson Bank, Kleinwort Benson’s UK-based private banking unit, for £15m in cash.
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Moreover, Samena Capital has the option to raise its interest to 39.9% three years after the deal.
The transaction, which is pending regulatory approval, is scheduled to close by the third quarter of 2015.
Following the completion of the deal, Samena aims to establish a new global merchant banking operations in Dubai under the Kleinwort Benson Bank brand.
BHF Kleinwort Benson Group CEO Leonhard Fischer said: "For Kleinwort Benson, this is a long-term strategic partnership which allows us to build on the significant progress we have made in building this historic franchise in recent years.
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By GlobalData"Our firmly-held view is that opportunity lies in the closer integration of established and developing markets and the ability to introduce clients to high-calibre, differentiated investments that are not available from more commoditised providers.
"We are bringing together the heft and reach of our diversified shareholder base, including China’s Fosun Group, with Samena Capital’s unique group of business leaders and value creators from across the Middle East and Asia."
London-based Kleinwort Benson Bank offers private wealth, banking, fiduciary and corporate advisory services. The bank managed £3.4bn in assets as of 2014.
