The British bank HSBC Holdings PLC said yesterday it had formed a joint venture with Prince Alwaleed bin Talal to invest in companies in sub-Saharan Africa.
The world's third biggest bank financially and Alwaleed will each invest up to $200 million in growth companies in the region, HSBC said in a statement circulated by Reuters.
Investments will be made through HSBC Kingdom Africa Investments (Cayman) LP, a limited liability partnership. HSBC and Prince Alwaleed will each have equal representation on the joint venture's board and investment committee.
HSBC did not give details about the industries in which the joint venture would invest. A spokeswoman said it would be up and running toward the end of this year. "We are particularly pleased to be a part of this venture, which aims to engage in the development of infrastructure and economic activity in Africa," HSBC Chief Executive Stephen Green said in the statement.
London-based HSBC has been in sub-Saharan Africa for more than 30 years. Its business there operates out of South Africa and it also has offices in Angola and the Ivory Coast.
Prince Alwaleed's investment operation, Kingdom Holding Co., has stakes in companies across a range of sectors, including hotels, media and real estate.
