Qatar's royal family is stepping up its investment in the euro zone's troubled banking sector with plans to buy private banking businesses from Franco-Belgium financial group Dexia and its Belgian rival KBC .
A Qatari investment group looking to take over Dexia's Banque Internationale Luxembourg (BIL) belongs to members of the al-Thani royal family, who are also buying KBC's private bank, Luxembourg's finance minister Luc Frieden said on Monday.
KBC had earlier said Precision Capital, a Qatari-backed firm based in Luxembourg, had agreed to buy KBL, KBC's private banking unit, for 1.05 billion euros ($1.42 billion). It said the Qatari investor had requested anonymity.
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