Open

Coming up

Don't miss

Replay


LATEST SHOWS

FASHION

Jewellery, a lucrative and rapidly growing sector of the fashion and luxury market

Read more

#THE 51%

Decision makers in Deauville: The 10th annual Women’s Forum

Read more

FOCUS

Tackling the taboo of infertility in Cameroon

Read more

THE WORLD THIS WEEK

Beyond Kobani: Jihadists resist strikes in Syria and gain ground in Iraq

Read more

THE INTERVIEW

Hassan Sheikh Mohamud, Somalian president

Read more

AFRICA NEWS

Nigeria: Reports of ceasefire between government and Boko Haram

Read more

MEDIAWATCH

Might #BringBackOurGirls have worked?

Read more

WEB NEWS

Video tackles prejudice towards West African as Ebola spreads

Read more

IN THE PAPERS

Aubry adds to Hollande's woes

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)