The world's local bank
HSBC announces joint venture in Africa
05 July 2005
HSBC and His Royal Highness Prince Alwaleed bin Talal Alsaud have established a joint venture to respond to growing investment opportunities in sub-Saharan Africa.
Each party will invest up to US$200 million in promising companies across the region.
Stephen Green, Group Chief Executive of HSBC Holdings plc, said: "HSBC has a long and successful history of involvement in emerging markets around the world. 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.
"We are excited by the prospect of being able to invest in this region alongside someone of Prince Alwaleed’s experience, knowledge and stature, and we look forward to working together."
HRH Prince Alwaleed is the Chairman of Kingdom 5-KR-143, Ltd. His privately-owned investment arm, Kingdom Holding Company (KHC), was founded in 1980. He added: "Africa has enormous potential in multiple economic sectors and is a major priority for me. This joint venture with HSBC will act to build business and trade flows both regionally and globally by jointly using our skills, contacts, organisations and equity."
KHC and HRH Prince Alwaleed have been involved in the creation of a diversified portfolio of strategic stakes in well-known companies around the world, in multiple sectors covering banking, media, telecommunications, technology, construction and real estate, entertainment, upscale fashion, retailing, supermarkets, tourism, hotels and resorts, travel and automotive manufacturing.
Media enquiries to pressoffice@hsbc.com
Downloads
Full Stock Exchange announcement
(2 page pdf 15K)
Increase font
Decrease font