BMB Group has acquired the US private equity firm EMP Global, which is focused on investing in emerging markets.
The deal will give the combined group assets of over $12bn. The enlarged group plans to expand into Saudi Arabia.
BMB says that it expects to make further acquisitions to capitalise on the credit crisis.
As part of the deal, EMP Global partner Moeen Qureshi, a prime minister of Pakistan for three months during 1993, will become vice chairman of BMB Group.
EMP Global’s offshore investment business will become BMB Emerging Markets and is expected to launch a number of new investment funds concentrating on the energy, infrastructure and financial services sectors.
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