Regional Banking Giant Acquires Strategic Stake in Dubai Based Private Equity Firm HBG Holdings
Jan | 2008
Dubai 27 January 2008 - HBG Holdings ("HBG"), the Dubai-based private equity firm, has today announced its agreement with NCB Capital Company ("NCBC") to sell a strategic stake in its management company. NCBC is a subsidiary of The National Commercial Bank of Saudi Arabia, one of the largest and most powerful financial institutions in the Middle East.
Under the terms of the deal, which was signed in Bahrain and Dubai,, the shareholding is to be acquired through Oryx Regional Private Equity Fund ("Oryx"), a fund managed by NCBC. As a result of this transaction, Oryx will become one of the largest shareholders in the HBG management company and act as anchor investor in its US$200 million pan-regional private equity fund. Oryx will also be represented on the Board of Directors and Executive Committee of HBG.