Qatar royals take majority stake in Dexia's private bank BIL
20 December 2011
Qatar's royal family will buy 90 per cent of bailed-out Dexia's private banking arm, Banque Internationale Luxembourg (BIL), which is being sold for a total of 730 million euros.
Qatar's al-Thani royal family will acquire 90 per cent of Banque Internationale Luxembourg via their Precision Capital investment group, Dexia said in a release.
The Qataris had, in October, also agreed to buy the private banking business of Dexia's Belgian rival KBC.
The Luxembourg government will purchase the remaining 10 per cent stake in BIL, the private banking arm of the broken-up Franco-Belgian group.
Morgan Stanley analysts had, in October, estimated the value of BIL at 1 to 1.7 billion euros.
Dexia was bailed out by Belgium, France and Luxembourg in October, with Belgium nationalising Dexia's Belgian banking business.