United Arab Emirates Buys Substantial Stake In HSBC
A fund backed by the government of the United Arab Emirates has snapped up an estimated £500m stake in HSBC, becoming the second Gulf-based investor to regard the shares of Britain’s biggest bank as undervalued.
An investment arm of Dubai Investment Capital (DIC) has taken a “substantial” stake in HSBC through a new fund which aims to target international companies.
The announcement by the DIC follows a move last month by Saudi billionaire Maan al-Sanea, who spent £3bn on a 3% stake in the bank, which has been knocked by problems in its US arm.
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