A spokeswoman for Harrods Bank was quoted as saying that the investment fund of the Gulf state’s royal family has appointed a new board for the lender and that it plans to expand its operations.
The acquisition will unwind a trust structure that was in place since 1991, reportedly established under pressure from the Bank of England following concerns over former owner Mohamed Al Fayed’s ability to run a bank.
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So far, the Qatar-based investment fund has spent millions of dollars in upgrading the Knightsbridge store since purchasing it from Egyptian businessman Al Fayed for GBP1.5 billion in May 2010.
Qatar Holding is an indirect subsidiary of Qatar Investment Authority, the Gulf state’s sovereign wealth fund. In 2010, it bought London’s Harrods for US$2.2 billion and financed 95% of the British capital’s Shard Tower, Europe’s highest skyscraper.
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