An investment group spanning the Indian sub-continent, Asia, Middle East and North Africa is to acquire up to nearly a third of UK private bank and merchant banking house Kleinwort Benson.

An investment group called Samena Capital focusing on the Middle East, Asia and North Africa, has taken a “significant” stake in UK-headquartered private and merchant banking house Kleinwort Benson.

Kleinwort Benson said it had sold the stake to Samena Capital, which it said brought together “an unparalleled group of high net worth, entrepreneurial shareholders from Europe and across the SAMENA markets with a view to advancing their shared desire for a return to relationship-driven banking and access to differentiated investment opportunities.”

“SAMENA” represents the Indian Subcontinent, Asia, Middle East and North Africa.

The group is taking a stake of up to 31.2 per cent of Kleinwort Benson Bank, the  London-based private banking and corporate advisory subsidiary of the Kleinwort Benson group, a spokesperson told this publication.

Following the closing, the shareholders also intend to establish a new global merchant banking operation under Kleinwort Benson in Dubai to offer advisory services for corporate activity in the region.

Kleinwort Benson ended last year with £3.4 billion ($5.24 billion) in client assets.

“Samena is ideally placed to drive that pipeline of investment opportunities from across the SAMENA region with its group of shareholder-entrepreneurs who are actively involved in originating investment ideas and supporting portfolio companies across a $750 million portfolio,” the statement said.

The investment in Kleinwort Benson “creates a complementary third pillar” for Samena alongside the latter firm’s established private equity and credit businesses.

The transaction is expected to close by the third quarter of 2015, subject to closing conditions, including regulatory approval.

“We are bringing together the heft and reach of our diversified shareholder base, including China’s Fosun Group, with Samena Capital’s unique group of business leaders and value creators from across the Middle East and Asia,” Leonhard Fischer, chief executive of BHF Kleinwort Benson Group, said.