NCB Capital, the fund and wealth management arm of Saudi Arabia's National Commercial Bank, has acquired local rival The Capital Partnership, becoming one of the biggest homegrown investment groups in the region.

The acquisition, for an undisclosed amount, will see NCB's assets grow to $14bn (€10.5bn) once The Capital Partnership's $4bn is added. The smaller company's 20 London-and-Dubai-based staff will also transfer to NCB.