Listen to this article
A second Gulf investor appeared on HSBC’s share register on Tuesday as DIC Asset Management, part of Dubai International Capital, said it had bought a “substantial” stake in the bank.
DIC, which is owned by the government of the UAE, said it had bought the stake via its $2bn Global Strategic Equities Fund. It did not disclose the size of the stake or the price paid, beyond saying that the purchase made it “one of the leading shareholders in the company”.
Sameer Al Ansari, DIC’s executive chairman and chief executive, said in a statement: ”GSEF’s investment in HSBC is another step in confirming DIC as a global investment company. This is the first of many planned investments that will eventually see GSEF investing about $10bn in global companies. We are very excited about our pipeline of investment opportunities that are available in the global equities markets.”
DIC’s move comes two weeks after Maan Abdulwahed al-Sanea, a Saudi billionaire, spent about £3bn building up a 3.11 per cent stake in HSBC.
The stake buying come as HSBC faces increasing scrutiny from investors. The group issued its first ever profits warning in February in the wake of the meltdown in the US subprime mortgage market.
HSBC shares were 5p lower at 923p in lunchtime London trading. There was no immediate comment from the bank.