Saudi International Bank (SIB) has acquired a 25 per cent strategic stake in ProVen Private Equity for an undisclosed amount. SIB, the London-based investment bank which merged with Gulf International Bank (GIB) in April, has expanded its market coverage in recent months. 'We are pleased to complete the ProVen deal and will continue to look for similar opportunities,' says Gregga Baxter, head of private equity at SIB.

'This is a perfect deal as ProVen has a tremendous track record,' says Baxter. 'It is a very good fit, as they will be a good partner for our private equity business and we will bring them access to new sources of funds.'

ProVen will use the equity finance from the deal to support the development of its latest fund, the Global Rights Fund 2, which was launched on 7 September. It is planning to raise $250 million for investment in intellectual property rights assets in the media, branding and entertainment sectors. The highest-profile investment of its first fund, the Global Rights Development Fund, was the acquisition of the rights to Sooty, the famous glove puppet, in 1996.

Baxter says that the impact of SIB's merger with GIB has been minimal. 'It has been a painless process, largely because there was very little cross-over between the two businesses.' He adds that SIB will continue to trade under its old name for the foreseeable future. 'There is value in the SIB name, as there is in the GIB name,' says Baxter. 'The merger process has been completed and we operate as one bank.'