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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.
This article, United Arab Emirates Buys Substantial Stake In HSBC, is just one of our articles from our Bank Horror Stories, HSBC Secrets Part 3
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