BNP Paribas Investment Partners (BNPP IP) and the Saudi Investment Bank (SAIB) said on Wednesday they were teaming up in a new asset management venture in Saudi Arabia, SAIB BNP Paribas Asset Management.

The deal calls for BNPP IP to take, through its BNP PAM Group holding company a 25 percent stake in the capital of SAIB Asset Management Company. Financial terms were not disclosed.

The transaction must be cleared by relevant authorities and should be finalised within a few months, the statement said. SAIB Asset Management company manages some 1.4 billion euros ($2.2 billion) of assets while BNP IP manages over 36 billion euros of assets in emerging markets through joint ventures in Argentina, Brazil, China, Korea, India, Morocco, and Turkey. - Reuters