Samena Capital has bought a “significant” stake in London-based merchant bank Kleinwort Benson with plans to expand in the Middle East. The transaction is expected to close in the third quarter subject to regulatory approval.
Kleinwort Benson Bank holds a UK banking licence and specialises in merchant banking, private wealth, fiduciary and corporate advisory services, with £3.4 billion ($5.23bn; €4.8bn) billion of assets under management at the end of 2014. Following the completion of the deal, the bank plans to establish a subsidiary in Dubai to offer corporate advisory services in the region.
Samena Capital is focused on private equity and credit investments in the Subcontinent, Asia, the Middle East and North Africa with offices in London, Dubai, Hong Kong and Mumbai. Its portfolio totals $750 million spread over four funds, with the bulk of its investments in India.