Precision Capital, a
Qatari investment group, has bought Dexia Banque Internationale a
Luxembourg (BIL) for €730m ($954m).

Precision Capital has
acquired a 90% stake in the Dexia BIL, which includes a private
banking unit, while the Grand Duchy of Luxembourg has acquired the
remaining 10%.

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This move continues
Precision Capital’s expansion in Europe. PBI reported in October
that Precision Capital had bought another Luxembourg-based
private-banking unit, KBL, for €1.05bn.

Information on Precision
Capital, which is reportedly backed by the Qatari royal family,
remains scarce.

 

Dexia continues
sell-off

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In February 2010, PBI
reported that Dexia BIL had €15bn under management. The sale is
subject to regulatory approval.

Dexia, which has already
sold its Belgian bank unit, is also selling its unit in Turkey, its
asset management arm and its investor service.