Qatar fund to invest in Greece bank merger

Qatar fund to invest in Greece bank merger

Qatar Investment Authority is expected to be involved in the new entity that will come out from the merger between Greece's Eurobank and Alpha Bank.

August 28, 2011 10:58 by Precious de Leon

The merger will have assets worth “150 billion Euros ($214 billion), 8 million clients, 80 billion euros of deposits,” a banking source involved in the deal, according to a Reuters article.

“The Qatar fund will participate in the new entity through a rights issue,” said the official, who declined to be named. “Qatar will be one of the major shareholders in the new entity.”

Earlier on Saturday, banking sources said the two lenders were close to a deal and would announce it on Monday.

According to an article in The Independent, Harrods-owner Qatar Investment Authority (QIA) is in talks to lease UK’s 850-acre Silverstone race track for 150 years for an estimated $409 million.

The British Racing Drivers’ Club (BRDC) owns the circuit. A final decision is expected in the next six months.