Don't miss

Replay


LATEST SHOWS

EYE ON AFRICA

Seven African countries' economies at risk over Brexit decision

Read more

THE DEBATE

Britain votes out: What next?

Read more

#TECH 24

The 'fintech' revolution

Read more

FRANCE IN FOCUS

A certified 'palace': How hotels strive for excellence

Read more

#THE 51%

In her own image: Women in Art

Read more

REPORTERS

World War I: When northern France was on German time

Read more

REVISITED

Video: Ugandan city still scarred by Lord's Resistance Army atrocities

Read more

MEDIAWATCH

#Brexit sparks a storm on social media

Read more

BUSINESS DAILY

Markets, pound plunge on Brexit vote

Read more

Business

Qatari investors to buy Dexia's Luxembourg unit

Text by News Wires

Latest update : 2011-10-10

Qatari investors linked to the royal family have agreed to buy Dexia BIL, the Luxembourg arm of the troubled Franco-Belgian bank, Luxembourg said on Monday, shortly after Brussels announced it would bail out the bank's Belgian arm.

AFP - Members of Qatar's royal family have agreed to buy Dexia BIL, the Luxembourg unit of fallen Franco-Belgian bank Dexia, Luxembourg Finance Minister Luc Frieden said on Monday.

"A family in a Qatar financial group is ready to buy the bank," Luc Frieden told reporters.

The announcement came hours after Belgium, France amd Luxembourg intervened and decided to break up the Dexia group after it became the first bank to be taken down by the eurozone debt crisis.

The deal for Dexia BIL was revealed shortly after Belgium's KBC bank announced its own agreement to sell a Luxembourg unit, KBL, to a Qatari state intestment group, Precision Capital, for 1.05 billion euros ($1.41 billion).

"It is a good thing for the financial market because the two banks are complementary," said Frieden.

Frieden did not say how much Dexia BIL -- a portfolio management and retail bank -- was being sold for but he indicated that the Luxembourg government would take a minority stake, costing 150 million euros.

The deal is expected to close by the end of October, he added.
 

Date created : 2011-10-10

  • BELGIUM

    Brussels to take full control of Dexia's Belgian arm

    Read more

  • EUROZONE

    Dexia to sell Luxembourg arm as trading is suspended

    Read more

  • BANKING

    France races to reassure investors on Dexia slide

    Read more

COMMENT(S)